Alibaba Payments Subsidiary Ant Group Launches AntChain Blockchain Solution

The payments subsidiary of Alibaba, Ant Group has launched a new blockchain solution called AntChain

According to a report AntChain is built on top of Ant Group’s blockchain technology that includes artificial intelligence, the Internet of Things (IoT), secure computation, and other technologies.


Alibaba payments arm Ant launches new technology brand to help speed up digital transformation of traditional industries https://t.co/FoTWDbHJbH — SCMP News (@SCMPNews) July 23, 2020

As part of the AntChain initiative, the Ant Group has built a new workstation similar to the size of a laptop that comes with a built-in software and hardware accelerator meant to smoothen the functioning of blockchain applications.

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

Ant Group stepped into blockchain in 2015 and started working on commercial applications on its blockchain last year.

The company claims that it can support over one billion user accounts and process up to a billion transactions per day.

Ant Group says that almost 100 million digital records including transaction details, copyright, and property ownership certificates are uploaded onto AntChain every day. 

Ant Group has shown remarkable interest in the blockchain industry.

In January 2020, the company has also announced the launch of an enterprise-focused blockchain platform called Ant Blockchain Open Alliance.

In an official statement, Li Jieli, the general manager of blockchain solutions and innovations at Ant said:

“The application of industry blockchain is still at an early stage and [it] will support digital transactions, reducing costs in various industries as the digital economy develops.”

Source: Cointelegraph | Image: Unsplash

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