Alibaba Group (Projects based on blockchain technology)

In January, 2016 Alibaba announced implementation of technology of a blockchain in the cloud platform. The corresponding statement was made within the summit Yunqi Assembly Shanghai in Beijing.

Alibaba did not specify how the blockchain technology in a cloud will work, and only noted its capability to provide evolution of the financial industry and to create mechanisms for the conclusion of so-called "smart" contracts. They represent the electronic algorithm describing a set of conditions which accomplishment involves some events in the real world or the digital systems.

Alibaba implements a blockchain in the cloud

The fact that Alibaba is going to involve a blockchain became known in 2015. Then the company said that it actively studies strong influence of this technology on the financial sector.

As the CEO Chinese Leon Li and her cofounder Dylan Du who took part in Yunqi Assembly Shanghai told Huobi bitcoin exchange to the CoinTelegraph edition, the statement of Alibaba for the beginning of use of a blockchain was made on the same day when the Chinese central bank (People's Bank of China) announced development of own digital currency.

It means increase in the market and regulation of support of platforms of exchange of cryptocurrencies and also toughening of rules of legalization and corresponding the politician. In 2016 the industry will reconsider the relation to cryptocurrency, Dylan Du said

Alibaba announced use of a blockchain along with representation by a number of new products among which there are solutions for processing of data bulks, analytics and machine learning. These three dominant technologies will remain like those at least three years, the senior director of Aliyun company (cloud division of Alibaba) Changliang Xu considers.^[1]

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