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
Bitcoin (BTC) $ 41,911.00 1.42%
ethereum
Ethereum (ETH) $ 3,126.81 1.90%
binance-coin
Binance Coin (BNB) $ 475.41 4.29%
tether
Tether (USDT) $ 0.998813 0.12%
usd-coin
USD Coin (USDC) $ 1.00 0.10%
cardano
Cardano (ADA) $ 1.35 2.12%
solana
Solana (SOL) $ 136.94 2.58%
xrp
XRP (XRP) $ 0.744247 2.19%
terra-luna
Terra (LUNA) $ 82.57 6.66%
polkadot
Polkadot (DOT) $ 24.43 2.47%
S&P 500  ^GSPC 
$4,532.76  $44.35  (-0.97%)
Dow Jones Industrial Average  ^DJI 
$35,028.65  $339.82  (-0.96%)
NASDAQ Composite  ^IXIC 
$14,340.26  $166.64  (-1.15%)
Russell 2000  ^RUT 
$2,062.78  $33.44  (-1.60%)
Crude Oil Feb 22  F*CL.NYM 
$85.20  $0.6000  (-0.70%)
   
$0.0000  $0.0000  (0.00%)