Ant Unicorn: The Latest Blockchain-Powered System Filed by Alibaba in Brazil
Considered to be one of the most advanced companies in the world, Alibaba has continued its long term investment in blockchain technology by filing new patents for real estate and insurance system. According to the report by Industrial Property Magazine, Alibaba has applied for the patent in Brazil which further diversified its investment portfolio into real estate, insurance, and financial services.
For the patent filed by Alibaba, the blockchain-powered real estate and insurance system is known as the Ant Unicorn. However, the patent hasn't disclosed whether it will be localized for Brazil or will be deployed worldwide.
Ant Unicorn is expected to be deployed in the credit card payments, financial services industry, utility bill payments, granting loans, enhancing security and invoice processing. Apart from the mentioned domain, Ant Unicorn will also be used in foreign currency exchange, currency trading and foreign currency transfer.
The investment in blockchain technology by Alibaba hasn't come to as a surprise for many crypto-pundits as the crypto community is well aware of the Chinese tech giant interest in blockchain technology. Alibaba currently holds the first position in China for blockchain patents and is the world leader in blockchain patent applications, followed by IBM, CUNC and Bank of America.
The current status of Blockchain Technology in Brazil is very encouraging and blockchain has gained a lot of popularity in the country. On July 12 last year, Bahia, the Brazilian state has launched a blockchain-powered application to track the public bidding of government contracts.
Alibaba and Blockchain
Ant Financial, an affiliate of Alibaba has revealed the blockchain charity initiative with Ant Love, in an attempt to enhance the transparency of donations such as making disclosure of charity, histories of donors, and other necessary details. Alibaba also leveraged its technological expertise to combat coronavirus, which Alipay is used for digital payments to track transaction records of fever medicine purchases.
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