Alibaba Plans To Use Blockchain In Its Cloud Services

Alibaba Financial announced a possibility to use Blockchain in its new cloud service platform. This was mentioned at the Yunqi Assembly Shanghai summit in Beijing on January 20, 2016.

Moreover, in a review of the year 2015, Ali Financial cloud, a service of Alibaba Group, describes the possible benefits of using the Blockchain. It states that they “are actively exploring the profound impact of [Blockchain] technology in the financial sector.”

During the conference, Alibaba also released a whole chain of products for data collection, processing, analysis, etc, including Ali cloud platform. ChangLiang Xu, senior director of Aliyun, the cloud computing unit of Alibaba Group, commented: “These are industry-leading technologies for at least three years”.

Blockchain and cryptocurrency in China and Asia

Bitcoin exchange Huobi CEO Leon Li and co-founder Dylan Du participating in the Yunqi Assembly Shanghai summit have also confirmed the announcement of Alibaba Financial on their plans to provide a cloud service platform based on Blockchain technology, in an e-mail to Cointelegraph.

Dylan Du has also mentioned that on the same day there was a statement from People’s Bank of China on developing their own digital currency. He spoke about the meaning of this news:

“It means larger market and regulation support for cryptocurrency exchange platforms, as well as more strict legalizations and corresponding policies. It’ll be an industry reshuffle for cryptocurrency this year.”