Ant Group, the payment subsidiary of E-Commerce company Alibaba, introduced a new blockchain solution named ‘AntChain’ on Thursday. The leading financial service technology provider intends to provide other disrupting technologies like AI, secure computation and Internet of Things (IoT), as reported by SCMP.
The solution is aimed at strengthening transparency and building trust in those industries involving complex processes and a large number of participants.
“We believe in blockchain’s potential to redefine trust in the digital age, and in solving real-life problems for our customers,” said Eric Jing, Executive Chairman, Ant Group.
The introduction of AntChain is expected to make the blockchain technology more accessible for users and also for creating real value for small and medium enterprises, consumers and clients located across different industries, opined Geoff Jiang, Vice President of Ant Group.
The company also launched the AntChain Station, which is as small as the size of a laptop. Its highlight is that it reduces the deployment time of blockchain-based solutions up to 90%. The setup time for clients, thus takes only one hour. This is convenient compared to the previous setup time of 10 hours.
Ant Group has been an active investor in the research and development of blockchain technologies. Starting in 2015, the payment subsidiary is now in use in different sectors, including medical insurance, global shipping, charitable donations, IT leasing, and more. As per the company, it has championed the global ranking for blockchain patent applications.
China and blockchain technology
The Chinese government has a welcoming attitude towards blockchain technology. Recently, the country opened its blockchain infrastructure to decentralized applications on a global scale.
It has collaborated with six public blockchains, including Ethereum intending to become the world’s only blockchain infrastructure provider.