AliBaba Files for Blockchain Patent in Brazil
If there is one thing hailing from China that is spreading faster than the hyped pandemic, it would be blockchain technology. Another yet ambitious fintech venture is forming under Brazilian premisses, although it’s initiated by Chinese e-commerce, micropayments, and cloud giant AliBaba.
The company behind AliPay, and China’s largest private cloud and distributed ledger network, has recently filed a patent with the Brazilian patent association describing a business revolving around insurance, financial, and monetary services, and asset authentication using blockchain technology.
According to Brazilian media outlet Industrial Property Magazine (NPI), the patent bares several keywords and areas of interest that involve real estate services – probably RE tokenization, or property registry, authentication, and management – credit card payment systems, invoice processing and increased security protocols subjecting financial transactions in the digital domain.
While the NPI report does not clarify whether the patent is intended to be used in Brazil or not, it mentions how important this move is for the Brazilian economy, especially when a company of the likes of AliBaba is orchestrating the play.
“Foreign currency transfer services; foreign currency exchange; currency trading; currency broker; financial transactions through blockchain.” – Some patent specification quotes, according to NPI.
Furthermore, the patent suggests that the name of the project will be Ant Unicorn, and it is indeed mostly focused on the real estate industry, while terms such as “provision of loans”, “granting of temporary loans”, “financial transactions through blockchain” suggest that the system will be much more than a Real Estate registry and documents’ administration network, with the word blockchain mentioned frequently throughout the filing.
Brazil is not a newcomer to blockchain and it already has some government-level smart-contract use-cases that utilize the popular distributed ledger technology, although having AliBaba do the heavy-lifting might upscale the country’s role in the field.
Besides its own private blockchain, AliBaba is deeply involved in the development process of China’s forthcoming central bank digital currency (CBDC), the DC/EP and it is said to be one of the few tech firms that are eligible to distribute the state-backed currency when it’s officially released.
Brazil is ranking as the sixth-largest country by demographics with over 210 million registered citizens making it an ideal market for blockchain adoption and China was among the first to seize the opportunity despite the pressure associated with the country amid concerns about the modern outbreak.
While India and the US made up the second and third places respectively in the same demographic poll, they are not considered as optimized candidates due to India’s lag in infrastructure – especially when considering that KYC-like conditions are not even met in government circles, and the country has one of the largest communities of unregistered citizens in the world, with most of them lacking gov-issued IDs.
As for the US, we previously covered how it is one of the least educated countries when it comes to blockchain technology, and the packed clique that revolves around the subject is already monopolizing the scene giving 0 space for Chinese ventures, and again, especially when considering technopolitical tensions between the two countries.