On Wednesday, October 24th, Chinese tech conglomerate, Alibaba, announced extending its Blockchain-as-a-Service (BaaS) product to the U.S., Europe, and South East Asia. The official announcement of the “Alibaba Cloud Baas” came through its cloud-computing arm – Alibaba Cloud.
Earlier this year in August, the Chinese juggernaut launched its BaaS service in China. Moreover, the company says that its BaaS service has a proven track record in logistics, public benefits system, and medical industries. Alibaba Cloud’s BaaS is an enterprise-level platform service based on two leading blockchain platforms – Hyperledger Fabric and Ant Blockchain.
Hyperledger Fabric is a blockchain framework implementation by The Linux Foundation. Alibaba’s financial service affiliate – Ant Financial – created the Ant Blockchain which is a high-performing proprietary blockchain.
Furthermore, a “trusted computing and a secure consortium blockchain network” looks after the security of BaaS. BaaS provides a trusted infrastructure to businesses while empowering several innovations across industries.
The Alibaba Cloud BaaS service makes use of Intel SGX security technology. The Intel SGX technology protects both data and code from external cyber attacks.
With its successful implementation in China, Alibaba plans to take its BaaS service to global destinations. The Chinese commercial giant now plans to be the technology partner to companies willing to accelerate their digital transformation using blockchain.
“We’re delighted to see the launch of Alibaba Cloud BaaS powered by Hyperledger Fabric as we’ve already seen many Hyperledger use cases in production this year. As stated in MIIT’s recent whitepaper , 2018 is set to be another blockbuster year for the industry with record amount of capital to be injected into companies in the space, and Hyperledger is committed to the development of blockchain technologies in China. Together with Alibaba Cloud, we look forward to bringing more exciting innovations to the global blockchain communities,” said Brian Behlendorf, Executive Director, Hyperledger.
The Alibaba Cloud BaaS service supports a wide range of applications like smart contracts and automatic deployment. It also provides services like consortium blockchain management, user and certificate management, and SDK applications. Furthermore, BaaS supports a range of monitoring, operating, and maintenance functions.
The company will now compete with its counter-giants like Microsoft Azure, Oracle, and Amazon Web Services (AWS), in the global cloud BaaS marketplace. As more businesses are exploring efficient blockchain solutions, the BaaS market could soon reach $7B USD in value.
The intention of this article is not to provide investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Join our Telegram Group To Stay Up To Date With Crypto News
One of the top performing cryptocurrencies of the day is REPO. REPO (REPO) is currently up 72.75% compared to USD…
As the world is moving towards Blockchain, gaming giant Atari too wants to dip its toe into the emerging technology.…
Private equity firm GSR Capital has hired tZERO, an Overstock.com subsidiary, to develop digital token for trading cobalt. Overstock said…
On Monday, December 17th, Gulf News reported that the advisory council of the United Arab Emirates Banks Federation (UBF) can adopt blockchain use…
France's financial regulatory watchdog - Financial Market Regulator (AMF) is working aggressively to bring down unauthorized crypto companies. The AMF…
There's a flood of new stablecoins hitting the cryptocurrency space in the last few months. A stablecoin is basically a…