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Alibaba Considers Using Blockchain Technology In Its Cloud Service Platform Could

Alibaba Binjiang Campus in Hangzhou, headquarters for Alibaba's B2B service. Danielinblue/wikimedia

At the Yunqi Assembly Shanghai summit in Beijing, Alibaba has announced that it may use Blockchain in its new cloud service platform.

CoinTelegraph reported that during the conference, Alibaba also released a number of products for data collection, processing, analysis, machine learning, including Ali cloud platform.

ChangLiang Xu, senior director of Aliyun, the cloud computing unit of Alibaba Group, said: "These are industry-leading technologies for at least three years".

According to a loosely translated version of a release on 8btc, Ali Financial Cloud, a service of Alibaba Group, says that blockchain technology has the potential to provide the next upgrade of the financial industry, with its entrepreneurs experimenting with credit finance technology reconstruction and other infrastructure, which can “profoundly” affect and change financial transactional process.

It said that people are more familiar with using the results of a blockchain technology – Bitcoin virtual currency and so on.

Speaking of smart contracts, it said that that the blockchain technology can also establish mechanisms for “intelligent contracts” on the internet, “with the program instead of the contract, when the agreed date, the conditions once reached, the network automatically executes contracts”.

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