Alibaba Files Patent for Blockchain System That Allows ‘Administrative Intervention’

Alibaba Files Patent for Blockchain System That Allows ‘Administrative Intervention’


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 October, 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. On the Ethereum blockchain, upgradeable contracts can be issued, wherein logic and data are separated into different contracts. One will call the other using a command and a proxy contract, giving developers some control over the contract after it has been issued.

Source: COINTELEGRAPH website

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