While Chinese regulators are cramping the cryptocurrency industry in the country, Alibaba has been pretty optimistic about blockchain technology thanks to its visionary leader Jack Ma. Continuing its support to blockchain now Alibaba has opened doors to rest of the world by offering its blockchain as a service (BaaS) product.
Welcome Asia, Europe, and the U.S says Alibaba
According to the report published in Asia Times, one of China’s biggest businesses is branching and spreading its blockchain products across the globe. Major e-commerce giant, Alibaba, is expanding its Blockchain as a Service (BaaS) product to the rest of Asia, the U.S. and to Europe. It will be launched in 19 regions with the assistance of 52 of the company’s data centers.
Alibaba Cloud’s BaaS product was introduced in China in October last year. The product offered users a range of services that allow them to build and host their own blockchain-based products. These include apps and smart contracts.
Alibaba states that it offers “an enterprise-level platform service based on leading blockchain technologies [that] helps customers build a secure and stable environment for blockchain implementations.”
The Senior Staff Engineer and lead of Alibaba Cloud Blockchain, Yi Li, added that BaaS has a goal to “become a technology partner that enables companies that wish to use blockchain to accelerate their digital transformation”.
The BAAS offer includes what Alibaba describe as an “automatic deployment” service as well as the creation of blockchain management systems and smart contract and user certificates. The platform can, say its developers, also aid the development of “software development kit applications” while delivering a range of “monitoring, operating, and maintenance functions.”
Since its launch last year the platform has found applications, says Alibaba, mainly for Chinese logistics and medical industries. The platform will now be available in 19 regions around the world via a network of 52 Alibaba data centers.
Alibaba Cloud this week added two UK data centers to its international portfolio that, according to Alibaba Cloud’s EMEA general manager, Yeming Wang, will use “AI-powered and data-driven technology” to deliver a range of services that include “machine learning capabilities to predictive data analytics.”
The news of Alibaba opening doors to the world has been appreciated by the crypto industry.
Executive Director of Hyperledger Brian Behlendorf added that the international rollout of the platform will bring “more exciting innovations to the global blockchain communities,” saying that “2018 is set to be another blockbuster year for the industry.”
Alibaba’s opening doors to the world is a positive sign for the crypto industry. Maybe steps like these could overturn the cramp down Chinese regulators have had on the crypto industry.
Will Alibaba’s move change the way traditional internet companies look at blockchain and cryptocurrency? Do let us know your views on the same.
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Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]