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 ‎designed specifically for the Internet of Things (IoT) ‎space.‎

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. 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.‎

(Photo: xinhuanet)

Bitcoin (BTC) $ 20,134.00 0.61%
Ethereum (ETH) $ 1,137.36 1.02%
Tether (USDT) $ 0.999541 0.05%
USD Coin (USDC) $ 1.00 0.12%
BNB (BNB) $ 234.04 0.56%
Binance USD (BUSD) $ 0.999305 0.23%
XRP (XRP) $ 0.323292 1.18%
Cardano (ADA) $ 0.457459 2.07%
Solana (SOL) $ 35.92 0.21%
Dogecoin (DOGE) $ 0.067483 2.65%
S&P 500  ^GSPC 
$3,831.39  $6.06  (0.16%)
Dow Jones Industrial Average  ^DJI 
$30,967.82  $129.44  (-0.42%)
NASDAQ Composite  ^IXIC 
$11,322.24  $194.39  (1.75%)
Russell 2000  ^RUT 
$1,741.33  $13.57  (0.79%)
Crude Oil Aug 22  F*CL.NYM 
$99.98  $0.4800  (0.48%)
$0.0000  $0.0000  (0.00%)