- The patent is said to cover financial, insurance, and monetary businesses.
- The federal government of Brazil apparently allocated around $5.7 million meant for research on blockchain technology.
Chinese e-commerce behemoth Alibaba has reportedly registered a patent for a blockchain-based system in Brazil. The patent is said to cover financial business, insurance and monetary businesses. The blockchain system has been given the name “Ant Unicorn.”
Placing an emphasis on the financial solution, the patent covers credit card payment systems, real estate services, and bolstering of security to process transactions an invoice processing.
Ant Unicorn would foray into the ecosystem of credit card issuance and utility bill solutions. Meanwhile, the patent will include foreign currency exchange, foreign currency transfer services, currency broker, currency trading and financial transactions. Nevertheless, there are reports citing increased focus on real estate market.
The patent is reported to have mentioned blockchain technology as the matrix of the system of granting of temporary loans, provision of loans, and financial transactions.
Blockchain technology is not new in Brazil and is witnessing an unprecedented popularity in the country. For the starters, Bahia, a Brazilian state, rolled out a blockchain application on July 12, 2019 to track the tender procedure following the agreement with the government.
Birth certificates were issued on the blockchain in September 2019 in the South American country. In February 2020, news surfaced that the federal government of Brazil apparently allocated around $5.7 million meant for research on blockchain technology. The government also contemplates issuing diplomas of non-state universities on the blockchain. It is speculated that 14 universities are showing interest it.
Alibaba has already owned a slew of technology patents as the company has seemingly implemented blockchain to keep fraud in the food industry at bay; keep an eye on cross-border shipments; and, ensure the safety of medical data.