Ant Financial has launched a blockchain platform for small and medium-sized businesses

Ant Financial has launched an enterprise platform on the OpenChain blockchain.For small and medium-sized businessesimplement applications on the blockchain.

Fintech Chinese Technology Divisiongiant Alibaba Group has launched a new blockchain solution for small and medium-sized companies. Ant Financial Blockchain General Manager Jin Ge said:

“By launching the OpenChain platform, we are committed to helpinga million small and medium-sized enterprises and developers to innovate and explore more options for using technology over the next three years. ”

Ant Financial's OpenChain will supportthe ability to implement solutions on the blockchain in financing supply chains, tracking the origin of products, digital accounts and charitable donations.

"These use cases require not only a mechanism of trust between all parties, but also high-performance, consistent algorithms that canperform authentication calculations in the blink of an eye," states Ant Financial.

Testing of OpenChain began in 2019, and sinceSince then, WhiteMatrix, a provider of enterprise blockchain application development services, has been using the platform. WhiteMatrix founder and CEO Wu Xiao said that OpenChain's transaction speed is "several times faster than public blockchains such as Ethereum, and the cost per transaction is ten times less than similar solutions."

Many of China's major technology firmslaunch their own blockchain platforms. At the beginning of the year, Chinese Internet giant Baidu announced a test launch of the Open Network service based on its own Xuperchain blockchain for easy development of decentralized applications.

In addition, back in the fall of 2018, JD.com launched a blockchain lab in Beijing, and a few months earlier the company announced the launch of a BaaS (blockchain-as-a-service) blockchain platform to track corporate accounts for the insurance company Pacific Insurance.

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