Alibaba Files for a Blockchain Transaction System in Brazil

Published at: March 11, 2020

Chinese e-commerce giant Alibaba has registered a blockchain-based system patent in Brazil under the category of "insurance," "financial business" and "monetary business,” according to the March 10th edition of the Industrial Property Magazine (NPI).

As reported by the NPI, the name of the mechanism is “Ant Unicorn.”

Regarding the financial solution, the patent covers real estate services, credit card payment systems, invoice processing and the strengthening of security to process transactions.

The report does not specify whether the initiative will be implemented in Brazil.

Ant Unicorn technology to be present in the currency trading

Below are the specifications of the patent as registered in NPI:

"Foreign currency transfer services; foreign currency exchange; currency trading; currency broker; financial transactions through blockchain."

Ant Unicorn would also enter the field of credit card issuance and utility bill payment solutions.

However, the solution highlights within the patent’s filing that they will have a particular focus on the real estate market.

The patent continues to mention blockchain technology as the matrix of the system: 

"Provision of loans; granting of temporary loans; financial transactions through blockchain."

The blockchain is not an unknown technology in Brazil and continues to gather popularity. As reported by Cointelegraph Brazil on July 12, the Brazilian state of Bahia has launched a blockchain application to track the process of public bidding on government contracts.

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