Alibaba Files Patent for Blockchain System That Allows ‘Administrative Intervention’
By Ana Alexandre 7782 Total views 457 Total shares Listen to article 2:41 NEWS Chinese e-commerce conglomerate Alibaba has filed a patent application with the U.S. Patent and Trademark Office (USPTO) for a blockchain -based system that allows a third-party administrator to intervene in a smart contract in case of illegal activities. The USPTO published the patent application on Oct. 4. A smart contract is a computer protocol designed to digitally verify or enforce the negotiation or performance of a contract. Smart contracts are self-executing, with the terms of the agreement between the parties being directly written into lines of code. The patent document, which was initially filed in March, describes a blockchain-powered transaction method that enables authorized parties to freeze or halt user accounts associated with illegal transactions, or intervene in a blockchain network. The aut...