Alibaba Enters Partnership With Chinese Software Giant, Aerospace Information Co., to Facilitate Blockchain Development

China’s e-commerce giant Alibaba and Chinese major software developer and provider, Aerospace Information Co., have entered into a strategic cooperation partnership. The partnership is designed to facilitate Blockchain development, cloud computing, and the development of other technological offerings. The initial report came via Chinese finance publication Securities Daily on March 21.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$222.18
4.93%

Working Together in the Research and Development of New Technologies

Per the report both parties agreed to take full advantage of their respective technologies. They want to use it “to actively integrate resources and facilitate in-depth cooperation” in cloud computing services, Blockchain technology, finance & taxation, and government affairs among a host of others.

According to the publication states, the software powerhouse will collaborate with Alibaba to put heads together in the research and development of Blockchain technology. The goal is to push the integration of new technologies. Here’s more:

“In the area of Blockchain technology, we will jointly offer cloud solutions to facilitate the research and development of the Blockchain sector.”

In the early part of March, speaking in an interview, Liu Song, the vice president of Alibaba Group revealed the company’s plans to deploy Blockchain solutions for cross-border supply chains. He cited that this will be done with the possibility to link the Blockchain with local governments.

Additionally, back in October of last year, Alibaba filed a patent application. The application was for a Blockchain-backed system that allows third-party administrative interference in smart contracts.

American Based Numerai, Raises $11 Million in Initial Coin Offering

Numerai an American prediction market firm and hedge fund has raised $11 million via an ICO as it bids to launch Erasure. Numerai tweeted the landmark on March 21.

Introduced in the late part of 2016, Numeraire provides a cryptographic and Blockchain token-based ecosystem for the give anonymous data scientists incentive in the creation of predictive models. The startup is based on the Ethereum (ETH) model. Numeraire tokens are reportedly used in trading market predictions.

According to Richard Craib, the founder of Numerai, the funds derived from the ICO will be spent on hiring engineers to work on Erasure. Erasure will be a decentralized arm of Numerai’s marketplace.

Erasure is scheduled to launch later in the year. It will allow users sell their predictions to investment funds in the public network directly connect their crypto wallets to the Ethereum marketplace and based on the peer-to-peer InterPlanetary File System (IPFS).

Numerai Founder: Erasure Will Allow Predictions on Any Asset

According to Craib, the launch of Erasure is reportedly going to allow predictions on any asset. Numerai’s prediction models are focused on traditional assets in the current setup.

The ICO that raised the enormous fund was led by Venture Capital and private equity powerhouse, Placeholder. Crypto investment startup Paradigm, was also a lead

Following the report concerning Numerai, the Nomeraire token price jumped nearly by 19%. According to CoinMarketCap, as of press time, the token was trading at $5.77. The token is traded on five crypto exchanges including, Bittrex, UPbit, IDEX, Poloniex, and DDEX. It has a market cap of $7.7 million as of the time this report was published.

Recently, the token platform of Binance, Binance Launchpad, finished a $4 million sale of Celer Network (CELR) tokens in less than 20 minutes.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.