The financial arm of Alibaba Ant Financial aims to adopt the new blockchain standard which is an IEEE-approved standard. For this purpose, the Alibaba’s financial arm is collaborating with aelf, a decentralized cloud computing network.
The standard for Blockchain-based Digital Asset Identification
aelf recently submitted the Standard for Blockchain-based Digital Asset Identification for approval from the IEEE blockchain standards. Soon, NesCom the IEEE SA Standards Board New Standards Committee approved the request of aelf for the blockchain standard. Now, the Standard for Blockchain-based Digital Asset Identification has completely become a part of the IEEE blockchain.
Alibaba’s financial arm is now collaborating with aelf to get this IEEE-approved latest blockchain standard. Through this new standard, firms can make better their crypto asset management in blockchain systems through the asset identification specification. This standard performs different tasks such as it provides those organizations with a data format reference who designs blockchain crypto-asset identification solutions. Apart from this, it also constructs the data structure reference for them when they develop blockchain-based crypto-asset apps.
Cross-Chain Transfer Protocol (CCTP)
Another function of this new standard is to deal with the cross-chain assets’ solution. There is the need for universal cross-chain standards for blockchain assets because there are different systems and they use different blockchain protocols. This newly approved standard develops universal data format standards for them that show compatibility with different protocols.
Keeping in view this requirement, a Cross-Chain Transfer Protocol (CCTP) was developed by the team which is based on the aelf’s multi-level structure. The CCTP protocol offers a standard solution to blockchain systems to make cross-chain transfers. It also ensures the cross-chain’s security, easiness, and scalability. As this new blockchain standard is now a part of IEEE, therefore, Alibaba’s financial arm is striving to get its hands on this standard.