Alibaba Payments Subsidiary Launches AntChain Blockchain Solution

Daniel Fowler
July 27, 2020

Ant Group Executive Chairman Eric JIng addresses the AntChain launch event. AntChain functions based on Ant Group's blockchain technology, which incorporates artificial intelligence, Internet of Things ( IoT), and secure computing, as previously reported in the South China Morning Post.

Developing Alipay, the online payment platform for the world's largest e-commerce company, Alibaba, Ant Group launched a new blockchain solution.

Blockchain didn't leave us, it's golden promise as solution to all tech problems ran firmly into reality.

The technology stack has the ability to process and support one billion user accounts and one billion transactions every day.

Ant claims that over 100 million pieces of digital assets are uploaded onto its blockchain solution platform on an average day. Said Geoff Jiang, Vice President of Ant Group.

The Ant Group has designed a new workstation the size of a laptop as part of the AntChain initiative.

AntChain's workstation can reportedly reduce the set-up time to one-tenth of the usual and can increase transaction speeds by 30%.

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The station would allow a blockchain solution to be set up by an enterprise client within an hour, without having to install software and separate hardware.

Since 2015, Ant Group has been investing in the research and development of blockchain technology to build trust for industries undergoing a digital transformation. Before this equipment, deploying AntChain would involve installing sets of software and "preparing the environment on general-purpose hardware". It began developing commercial apps using blockchain technology in 2019.

AntChain is used in a number of payments-related use cases, including processing health insurance claims, cross-border money transfers, charitable payments and global shipping.

This is the case of Alibaba's fintech arm Ant Group that early this week has hit the headline of media outlets by communicating to have formally begun the procedure for a simultaneous initial public offering on the Shanghai STAR Market and on the Hong Kong Stock Exchange while bypassing the Nasdaq as a outcome of the growing hostility between China and the U.S.

Furthermore, Ant Group also signed a strategic agreement with Dell, Hewlett-Packard, and Lenovo to make IT leasing services accessible for SMEs using AntChain. As per the company, it has championed the global ranking for blockchain patent applications.

According to a report released by the Patent Protection Association of China, AntChain holds the most blockchain patents worldwide with 212 patents as of May 14.

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