Jack Ma led Chinese online market giant Alibaba has filed for a patent for a blockchain technology which enables the governments or authorised authorities to freeze their Alibaba accounts in case they are suspecting intellectual property infringement.
Blockchain technology can help the e-commerce giant in tracking counterfeit products on its platform, recording transaction details and bringing in transparency in supply chain management.
- Alibaba has filed for more than 10% of all blockchain technology patents in the world since last year. It has the most number of patent applications in China and US despite China’s opposition to blockchain-based cryptocurrencies. This shows China’s proactivity in protecting valuable IP.
- Such a technology would lead to reducing the listing of infringing products on the site and save a lot of time and effort in individually checking all listings for infringement. It is also a positive reinforcement for the company and other Chinese e-commerce sites who are facing flak for high listings of counterfeits on their sites.