Alibaba will create an administered blockchain


Alibaba will create an administered blockchain

Chinese giant Alibaba filed with the us patent office an application for a blockchain system that allows the administrator to intervene in the work of the smart contract to combat the illegal operations.

The document States that authorized participants will be able to freeze or block accounts of users associated with illegal actions or to make changes to the network. The authors believe that, despite the many unique advantages of the blockchain, the technology is not functions are provided to address specific real-life situations. As an example, they referred to the execution of the court decision to block the account, which is now impossible to implement because of a conflict with the conditions of a smart contract.

The patent involves the development of a system for the effective administration of the entire blockchain, but with limited rights, which may not affect the conduct of ordinary transactions. It is expected that such control will be able to state structures or trusted organizations. Existing blockchain platforms will allow to realize such a mechanism, but such projects are very difficult to implement and vulnerable. Development, Alibaba could potentially solve these problems by simplifying the changes.

Now there is an increasing tendency to use decentralized systems work. Even popular centralized exchanges such as Binance and Bithumb plan to launch their DEX.

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