Alibaba files Blockchain patent with U.S. Patent and Trademark Office (USPTO)

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Alibaba, Chinese e-commerce giant has filed a patent with USPTO for an ‘administrative intervention’ system developed on the blockchain. This system allows third-party administrator intervention in case of illegal activities in a smart contract. A smart contract is a self-executing computer protocol that validates and verifies the performance of a contract digitally.

The patent initially filed in March, published by USPTO last week outlines the ability of authorized parties to stop or freeze accounts associated with illegal transactions. The system aims at achieving effective ways of administrating accounts on a blockchain network with the help of continuous supervision. However, normal transactions will not be affected by the system and can function as usual. Alibaba is also looking to expand the system to administer an extensive network.

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