Alibaba Registers Blockchain-Based Insurance Patent in Brazil

Alibaba, an e-commerce company based in China, is getting more involved in blockchain technology.

The group has just registered a patent for a blockchain-based network based on insurance, monetary business, and financial business in Brazil, reports CoinTelegraph. It’s called Ant Unicorn.

Its focus would be on currency transfers between foreign countries and trading – all via blockchain technology.

From there, the group will also examine credit cards, utility bill payments, and even real estate. According to the Brazilian crypto portal criptoeconomia.com.br, there’s a lot of space in the crypto market in Brazil and LATAM, and we should see growth sporadically as time goes on.

As you may know, cryptocurrency projects exist for all different use cases. Some, like Bitcoin, are meant to improve the way we move and store money. Others, like Ethereum, are more of a platform for decentralized applications to be built upon.

This isn’t the first time Alibaba has been a part of cryptocurrency and its underlying technology, however. In fact, the group recently partnered with Lolli Bitcoin rewards, though it eventually severed that relationship.

Meanwhile, in February, it was revealed that the Federal Government of Brazil will be putting around $5.7 million dollars into research regarding blockchain technology.

On top of this, the country also carried out the first civil partnership to be recorded on blockchain technology.

Not only did the couple sign the document, but it was also verified by local authorities.