25 Mar 2019
Alibaba, the world's largest online retailer, and Aerospace Information Co., a Chinese software giant, have partnered together to share strategic outcomes as reported in the Chinese financial publication Securities Daily. The deal was announced on the 21st of March.
The publication states that Alibaba and AIC want to take advantage of their respective brands' technologies and work to research and develop so that they can promote the incorporation of more modern technologies.
The publication also mentioned quotes from the companies, a particularly interesting one which stated that the fields of "cloud computing services, finance, and taxation, government affairs, and blockchain technology" would benefit most from the two companies closely integrating resources and bearing out deep cooperation.
“In the field of fiscal and taxation, the two sides will expand the application scenarios and explore and develop innovative products for SMEs. In the field of government affairs, we explore the integration and innovation of government solutions around the “Internet + government services”. In the field of blockchain, we will jointly provide cloud solutions to promote the development of the blockchain industry. In the field of enterprise market services, we will coordinate the implementation of credit reporting services and smart mobile office services.”
More directly when it concerns blockchain, the publication states that the two will provide collectively held cloud solutions that would in itself advocate and advertise for development in blockchain's industry.
While both companies are looking to the future with this partnership, Alibaba is no stranger to using blockchain. Its cloud service has a Blockchain-as-a-Service offering, currently in beta. The company announced earlier this month, via it's Vice President Liu Song, that it was planning on creating a mechanism using blockchain technology to improve cross-border supply chains. He added that this would allow local governments to more easily integrate into the ecosystem.
This follows an October patent filing by Alibaba. The patent is for a system that is fronted by blockchain and allows third parties to administratively interfere in a smart contract.
These are just some of the initiative that AIC hopes to help Alibaba improve and push further along. According to sources at Securities Daily, AIC is not only looking to create greater breakthroughs in technology with Alibaba but that the two will also help to create greater social value.
This strategic partnership is on the heels of a number of initiatives taken by the Chinese government to digitize as much as possible. The administration has seen the positive effects of digitization so far and has launched the VeChain National Level Partnership to stimulate the Chinese nation in achieving their digital goals.
Waltonchain is also partnering with various Chinese entities to provide blockchain services to cities for the purpose of making them cleaner.
So while the Chinese government is shutting down ICOs and STOs, accusing them of being harbingers of "illegal activities" according to the Beijing Finance Industry Association, the government is not so shy about using the underlying technology to digitize the country.
It is among this push that this strategic partnership is taking place, and according to Securities Daily, they plan on being one of the biggest drivers of digital transformation.
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.