AlibabaCoin finally taken by China’s Alibaba Group
Reuters recently reported that 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 reasons this settlement is interesting is because last year a US judge had rejected Alibaba Group’s complaint against ABBC Foundation stating that the alleged trademark infringement would have occurred in China, which is not under US jurisdiction. This was a somewhat surprising victory for the smaller ABBC Foundation, a David and Goliath moment.
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. Several rumors suggest 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 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. This along with other rumors which we can not disclose at this time lead many to believe that Alibaba Group Holdings Ltd is finally taking action to acquire the Dubai-based cryptocurrency firm.
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 subsidiaries which 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.
One of the most powerful and intelligent businessmen in the world, Jack Ma gave out a profound statement. He said,
“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.”