According to the authoritative patent database IncoPat query data show that Alipay (the subject of application for Alibaba) in the last two years of patent year applications have broken million, more than Amazon and Facebook.
Among them, 1/3 of the patents applied by alipay are related to the establishment of trust mechanism, mainly focusing on the fields of payment, blockchain, privacy protection and data security.
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Alipay’s official weibo account said that alipay was born 15 years ago to solve the problem of distrust between the two sides of the transaction, the buyer pays the seller to deliver goods, pay treasure to assure trade in the middle, eliminate deposit also is to trust, the person that has credit does not need to pay deposit, the person that has credit need not guaranty also can borrow money, this is what Alipay is really doing.
In order to solve the problem of trust, Alipay launched the secured transaction in 2004. As a third party, the money paid by the buyer will stay in Alipay first, and only after the goods are confirmed to be satisfactory will the money be transferred to the seller’s account.
After that, Alipay also launched the express payment, realizing the direct connection between the payment account and the bank account, increasing the success rate of payment to 95%.
In 2011, Alipay launched barcode payment, allowing electronic payment from online to offline. In 2015, Alipay landed the world’s first commercial facial payment.
According to the official data released by Alipay, the global users of Alipay have exceeded 1 billion. In the past two years, Alipay laid emphasis on the layout of blockchain technology, and now it has the largest number of blockchain patent applications in the world. (source: TechWeb)