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Alibaba’s Financial Arm Collaborate with aelf to Get New Blockchain Standard Approved by the IEEE

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Alibaba’s Financial Arm Collaborate with aelf to Get New Blockchain Standard Approved by the IEEE

“The Standard for Blockchain-Based Digital Asset Identification” is now part of the IEEE blockchain standards.

Recently, the Standard for Blockchain-based Digital Asset Identification, submitted by aelf, was approved by the IEEE SA Standards Board New Standards Committee (NesCom). The standard specifies the methods and practices of crypto-asset identification. The standard also addresses attributes of the blockchain system digit asset identification including data structure, data format, and related asset management operation specifications. 

The purpose of this standard is to improve digital asset management with an asset identification specification in blockchain systems. The standard aims to provide data format reference for organizations designing blockchain digital asset identification solutions, build the data structure reference for organizations developing blockchain digital asset applications and providing digital asset services, set up operational specifications for organizations planning to use blockchain digital asset services. 

This standard deals with the solution of cross-chain assets. Different blockchain systems use different protocols and data structures, and as such it is necessary to establish uniform data format standards that are compatible with different blockchain protocols, establishing universal cross-chain standards for assets. Therefore, it is necessary to define the unified structure of assets cross-chain transfer data and establish a unified verification method in order to realize cross-chain verification among different blockchain systems.

As an open blockchain network, the team has developed a Cross-Chain Transfer Protocol (CCTP) based on the multi-level ‘main chain – multiple side chains’ structure of aelf, with specific focus to the ease of use, scalability, and security of the cross-chain. The protocol achieves cross-chain transfers between independent blockchain systems, supporting applications that require asset transfers between different blockchain systems.

CCTP provides a standard solution for cross-chain transfers and a unified specification for cross-chain asset transfers between blockchain systems. The protocol also provides a standardized interface and data structure for the construction of decentralized cross-chain asset transfer services, resulting in a common solution for developers.

At the same time, aelf launched ‘Centralized Asset Management and On-Chain Security Solution (CAM).’ It supports the establishment of Centre Asset Management contracts on blockchain to limit access to funds by exchanges while defining different authorities to control assets. And based on CAM, aelf said they have applied for a patent about the ‘blockchain contract solution to prevent the exchange from voting on behalf of users and being stolen by hackers’, the patent is currently in the process.

On June 3rd, the world’s largest non-profit professional technology organization, the IEEE announced that Ant Financial blockchain has set an international standard on cross-chain technology, winning a new global patent. Their patents focus on cross-chain technology to solve interoperability problems of different blockchains, as well as its decentralized identity protocol, on-chain proof conversion protocol, and other technical specifications. Specifically, the cross-chain system can achieve faster, safer, and more reliable cross-chain communication, making the end-to-end delay reduce to millisecond and have horizontal scalability, which can deal with up to 100,000 cross-chain traffic at the same time. 

aelf has focused much of their resources to advancing blockchain core technology for the wider community. The approval of IEEE blockchain assets international standard will help the development and adoption of blockchain technology. This demonstrates the achievements blockchain companies can accomplish when they collaborate to do more research on cutting-edge technologies such as cross-chain digital assets, promote the standardization and adoption of blockchain and Distributed Accounting Technology, and to achieve the integration of blockchain technology and traditional industries.

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