Alibaba patented a blockchain-powered method to stop illegal transactions

[SneakyLady]

https://cointelegraph.com/news/alibaba-files-patent-for-blockchain-system-that-allows-administrative-intervention

The patent seeks to develop a system for effective administrative supervision of all accounts in a blockchain network, although the scope of supervision will be limited, which means it will not restrict normal transactions in the blockchain network.

“The issuing account recorded in the various embodiments may be an account owned by a government agency or a trustful institution.”

Does this mean illegal transactions will now only be carried out by government agencies and "trustful institutions"?

[1714981296]

1714981296

[1714981296]

1714981296

[1714981296]

1714981296

[1714981296]

1714981296

[1714981296]

1714981296

[KingScorpio]

https://cointelegraph.com/news/alibaba-files-patent-for-blockchain-system-that-allows-administrative-intervention

The patent seeks to develop a system for effective administrative supervision of all accounts in a blockchain network, although the scope of supervision will be limited, which means it will not restrict normal transactions in the blockchain network.

“The issuing account recorded in the various embodiments may be an account owned by a government agency or a trustful institution.”

Does this mean illegal transactions will now only be carried out by government agencies and "trustful institutions"?

jes this is a potentially freezable blockchain,

it could be used to freeze funds of someone they dislike

[oriontab]

I am not sure if this is a nice thing, allowing a third party to intervene or interrupt the dictates of a smart contract is kind of against what the blockchain stands for,that is openness, trust, lack of a central control authority. Such patent will easily be open to abuse, unless I am mistaken on how this will actually work. Mr Jack Ma is not a fan of cryptocurrency as far as I can tell and using the blockchain this way may have some undesirable consequences

[SneakyLady]

I am not sure if this is a nice thing, allowing a third party to intervene or interrupt the dictates of a smart contract is kind of against what the blockchain stands for,that is openness, trust, lack of a central control authority. Such patent will easily be open to abuse, unless I am mistaken on how this will actually work. Mr Jack Ma is not a fan of cryptocurrency as far as I can tell and using the blockchain this way may have some undesirable consequences

Kind of defeats the purpose of the blockchain..

Apparently, Jack Ma, understands blockchain's power, but doesn't understand what bitcoin can contribute to society.

https://bitcoiner.today/en/jack-ma-founder-of-alibaba-group-speaks-about-bitcoin-and-blockchain-technology/

I think that long-term, blockchain is a nightmare to governments and corporations because of its implications (along with higher bandwidth). If the world becomes digital, they are essentially powerless.