Alibaba Applies For Blockchain Patent Permitting Administrative Involvement
Alibaba is among global brands that have made strides in implementing blockchain technology.
Alibaba Plans To Have Administrative Control In Smart Contracts
Alibaba has applied for a blockchain patent with US agencies for a platform that permits additional administrators to mediate in a smart contract in the event we have a violation of the law. Alibaba is a leading e-commerce company with headquarters in China. The patent request was made public on Thursday.
Basically, a smart contract is a digital pact tailored to authenticate a contract. The protocol also enforces the contract. Notably, smart contract executes themselves on their own between all the involved parties through code.
The patent was first presented seven months ago. The patent document states that a transaction anchored on the blockchain permits legalized parties to stop user accounts linked to an illegal transaction or tamper with a blockchain system.
How The Patent Will Operate
The documents stress that despite the advantages of blockchain technology, it does not offer options that can be used in the daily living environment. It cited blockchain’s ability to offer openness and decentralization. The authors pointed out that we need to have administrative mediation in the segment of unique transactions.
According to the patent, Alibaba wants to come up with a platform that is an effective oversight of all accounts in a blockchain system. However, we will have a limitation in terms of supervision hence there will be no more restrictive measures for normal transactions in a blockchain system.
The patent adds that once transactions details are forwarded to the relevant account, a node in the blockchain system can activate a corresponding smart contract when finding out whether those operation details were issued without following the law.
When it comes to the ethereum blockchain, contracts that can be later upgraded can be issued. In this case, data and logic are split down into various contracts. One contract calls the other through a command and a proxy contract. Under this arrangement, developers have limited control over the contract after being rolling out.
The only shortcoming under ethereum network is that upgradable contracts are complicated. They, therefore, become susceptible to attacks from bugs. With the new technology from Alibaba, the capability of admins will be widened on the network.