Is blockchain really moving to take over the internet? Photo: iStock
The introduction of central bank digital currencies will give governments access to citizens' transactional data. Photo: iStock

Alibaba’s exploration of blockchain technology has gone one step further, following the announcement that cloud computing arm Alibaba Cloud has officially launched its blockchain service, reported.

According to Yi Li, senior software engineer and head of the company’s blockchain business, after extensive research, the company now believes that blockchain will be the “next most reliable infrastructure” for the Internet.

Yi says cloud computing has brought about a revolution in productivity and that blockchain will drive innovation in production services.

Yi Li said the blockchain service boasts flexible computing and massive storage capabilities and secure network interconnections based on their stable public cloud and private cloud.

It has also been reported that Alibaba Cloud’s blockchain technology has been widely used in business scenarios such as supply chain finance and data asset transaction management.

Earlier, Jack Ma, the founder and chairman of Alibaba, pointed out that smart manufacturing, Internet of Things and blockchain are the three core technologies of the future.