March 19, 2024

Ant Financial Launches Consortium Blockchain Platform to Help Small Businesses

Ant Financial Launches Consortium Blockchain Platform to Help Small Businesses

Ant Financial, a subsidiary of Alibaba Group, has deployed a blockchain platform that will help small and medium-sized businesses improve their operational efficiency by optimizing interactions.

OpenChain Consortium Platform Allowscombine the elements of public and private blockchains into a single network, which enables organizations to establish connections, and developers to deploy new applications and introduce various innovations.

The project should help companies operating in the same field improve interaction and increase trust between allparties.Possible use cases for OpenChain include supply chain financing, product provenance, digital accounts, and charitable donations.

According to representatives of Ant Financial,built-in algorithms provide high performance and instant authentication. At the same time, the transaction speed is several times higher than that of public blockchain platforms, such as Ethereum, and their cost is ten times lower.

Platform testing began back in 2019.

After the open support of the blockchain by the Chineseauthorities, many large companies began to develop their own projects in this area. These include giants such as Baidu, Tencent and JD. However, the most active in this direction are Alibaba and Tencent, which last year alone filed 470 and 718 patent applications for blockchain, respectively.

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