Reuters recently reportedthat the long-running conflict between China’s e-Commerce giant and the Belarus-Dubai based blockchain technology company has finally reached a global settlement. ABBC Foundation has relinquished ownership of the “Alibabacoin” name and has released sole authority of the trademark to Alibaba Group China.
One of the questions here is, why would ABBC Foundation relinquish the trademark to Alibaba Group? It would seem a logical conclusion that Alibaba Group has offered something in exchange to ABBC. Severalrumorssuggest that this decision may be leading up to Alibaba Group’s acquisition of ABBC Foundation. Many are suggesting that this action may be the first executed step of their business strategy to introduce digital currency to the e-commerce sector, where Alibaba Group is dominating.
According to an insider, earlier this year, the companies settled and issued the following statement on March 11, 2019:
“Alibaba Group Holdings Ltd. (Alibaba) and ABBC Blockchain IT Solutions LLC (ABBC) today announced that they had reached a worldwide settlement of claims involving use of the name ALIBABACOIN, with ABBC agreeing not to use trademarks that include the term ALIBABA worldwide. ABBC regrets any public confusion that may have arisen from its former use of ALIBABACOIN.”
According to a recent interview with Alibaba Group’s VP,the company is planning to implement blockchain technology for complicated supply chains which will provide better transparency and efficiency in both logistics and accounting.
The ABBC team has created technological advancements which allow the integration of both blockchain and biometrics into e-commerce which is a global first to our knowledge. Users will be able to make online purchases using biometrics like facial recognition or fingerprints with the potential for other biometrics in the future. If Alibaba does acquire end up acquiring ABBC, they could leverage these technologies to increase security and ease-of-use for their half-trillion dollar platform. Ultimately these upgrades could increase users & revenue as well as decrease losses due to identity-fraud.
In line with these events, Alibaba has reportedly launched two blockchain subsidiarieswhich will be conducting Research and Development aimed at strengthening their big data services, software development, network development, financial and technology consultation, computer information engineering, and fintech services. The e-commerce conglomerate has been consistently making moves into the blockchain space where ABBC coin is gaining incredible momentum at the moment.
Alibaba Group is clearly focused on integrating blockchain technology into their business model. The Co-Founder and Executive Chairman of Alibaba, Jack Ma has repeatedly expressed his confidence in the blockchain industry. Jack Ma has stated that “Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination.”, a profound statement coming from one of the most powerful and intelligent businessmen in the world, Jack Ma.
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