CryptoCann™ Report: Alibaba holds top spot for blockchain patents; Cronos inks deal for lab-grown cannabis

Cronos is partnering with Boston-based biotech Gingko Bioworks to develop lab-grown cannabis

Alibaba logo on a wall
Chinese tech giant reportedly holds the most blockchain-related patents filed worldwide

The Crypto Report

Microsoft Corporation (NASDAQ:MSFT) is working toward connecting its suite of products to blockchain, according to a CoinDesk report.

The tech giant connected its cloud-based software Microsoft Azure to blockchain three years ago and plans to follow suit with its other products, including Office 365 Outlook and Salesforce.

Microsoft users would be able to input their data from these products onto the cloud and then onto a blockchain.

"What blockchain is doing is creating a multi-party business process that is moving out of email, phone calls, spreadsheets and into a single system with a single view on the data that all of the participants can rely upon and trust," said Matt Kerner, general manager of Microsoft Azure, in an interview with CoinDesk.

READ: CryptoCann™ Report: Walmart files patent for blockchain delivery robots; NJ university to offer cannabis studies program

Kerner noted that blockchain technology’s ability to store significant amounts of data into a shareable, contextualized format could drive “exponential change” and impact the data analytics market.

Microsoft isn’t the sole giant in the blockchain space.

Chinese tech giant Alibaba Group Holding Limited (NYSE:BABA) holds the top spot for the most blockchain patents filed to date with a total of 90, as per a Cointelegraph report.

IBM Corp (NYSE:IBM) is a close second with a total of 89 blockchain-related patents filed.

Mastercard Inc (NYSE:MA) cinched third place with a total of 80 filings followed by Bank of America Corp (NYSE:BAC)  with a total of 53 patent filings.

The Cann Report

Canadian cannabis company Cronos Group Inc (NASDAQ:CRON) is partnering with Gingko Bioworks Inc to develop lab-grown cannabis, as per a Bloomberg report.

The Boston-based biotech will pinpoint rare cannabinoids and extract their DNA to produce them in a lab setting.

“Being able to consistently and efficiently produce high-purity cannabinoids, that’s the holy grail,” said Canopy Growth CEO Mike Gorsenstein in an interview with Bloomberg.

Formerly a fragrance industry company, Gingko has collaborated with Bayer AG, Archer-Daniels-Midland Company (NYSE:ADM) and Cargill Inc.

WATCH: Emerald Health Therapeutics updates company changing partnership

Gingko will receive US$22mln to fund research and development as well as up to US$100mln worth of common shares of Cronos as it reaches production milestones.

In other cannabis news, Rocky Mountain High Brands Inc (OTCQB:RMHB) shares were on the rise after a lawsuit against its former chairman of the board was settled in its favor.

The cannabis-focused health and wellness brand alleged that its former chairman Jerry Grisaffi had “breached his fiduciary duty” by issuing the Series A preferred shares to himself and by issuing common stock to himself and others.

The District Court for Dallas County, Texas ruled in favor of the company, awarding a monetary judgement of US$3.5mln.

Shares of the Texas-based company jumped more than 6% to US$0.01 in Tuesday afternoon trading.

Quick facts: Alibaba

Price: 248.42 USD

Market: NYSE
Market Cap: $671.89 billion

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