Alibaba Develops System That Allows Third Parties Intervening in Smart Contracts
October 5, 2018
One of the China’s largest internet companies Alibaba has filed a patent application for a blockchain-based system which allows third party administrator executing specific operations including blocking smart-contracts or freezing account suspected of illegal activity.
The developers stressed it in the patent papers that although distributed ledger is considered to be quite positive technology in general, transparency, inalterability and decentralization may turn negative in some cases.
The company researchers focus their worries on the fact that conventional smart contracts do not allow state regulators suspend accounts suspected in illegal activities.
The Alibaba’s patent application describes the process of integrating specific administrative accounts that will impact user accounts in different ways by either restricting or providing some access level to some accounts.