June 9, 2023

Alibaba Group subsidiary to launch corporate blockchain network

Alibaba Group subsidiary to launch corporate blockchain network

Ant Financial, a subsidiary of Chinese e-commerce giant Alibaba Group, announced the launch of its own blockchain platform next month.

Ant representatives at the annual media meetingFinancial officially unveiled the new Ant Blockchain Open Alliance corporate blockchain platform, which will be launched in February. The corporate blockchain will help small companies develop their own blockchain applications at low cost. According to the developers, the network can support up to 1 billion daily transactions and process up to 100,000 cross-data per second.

Ant Financial and Alibaba started in 2017Develop smart contracts and financial blockchain technology for rental housing. In 2018, Ant Financial raised $ 14 billion to develop financial technologies and develop the blockchain. Currently, a fintech company holds the largest number of blockchain patents (49) among all companies in the world.

After the approval of Xi Jinping blockchain technology, many Chinese companies began to develop their own blockchain solutions.

Recently, the Internet company Baidu Inc. announced the launch of a public beta of its corporate blockchain, “Xuperchain,” allowing developers to develop decentralized applications (dapps) on their own.

Chinese market giants Tencent and JD are also gearing up to launch their blockchain network.