Alibaba Cloud Partners with Blockchain-Powered Internet of Things Startup

The cloud arm of Chinese web giant Alibaba Group has partnered ‎with Xiamen ZhongChuan IoT Industry Research Institute to accelerate the ‎ambitious development timeline of a new Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term ‎designed specifically for the Internet of Things (IoT) ‎space.‎

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Alibaba Cloud, which serves more than 1 million paying customers, has recently launched cloud products around artificial intelligence and big ‎data in Europe. The products have already been in use in other markets, including China.‎

This collaboration provides Alibaba Cloud with multiple IoT application solutions designed by the ZhongChuan IoT and helps establish an ‎AI hub to promote establishment of new smart cities in Xiong’an and Yuhang.‎

The partnership also focuses on promoting Waltonchain blockchain technology to achieve the municipal and ‎commercial IoT coverage.‎

Blockchain has recently garnered widespread support across many sectors due to advantages ‎in high performance, security, speed access and efficient operation.

The decentralized approach of blockchain technology is ‎promising for IoT security in terms of how it works with ‎Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The integration creates a more resilient ecosystem for ‎devices to run on by ensuring that data is legitimate, and ‎that the process by which new data is introduced is well-‎defined. In addition, the technology behind Bitcoin can be used to track, process and coordinate ‎transactions between devices, allowing for significant ‎savings to IoT industry manufacturers.‎

Nevertheless, the approach could be a bit challenging ‎since blockchain works through consensus between ‎millions of nodes that are physically distributed around ‎the globe, while the small IoT networks may lack this ‎important feature.‎