A subsidiary of Alibaba Group has started …

Subsidiary of Alibaba Group started testing its corporate blockchain

Ant Financial, a fintech division of Chinese tech giant Alibaba Group, has begun testing a blockchain platform aimed at supporting small and medium-sized businesses, CoinDesk reports citing local media.

During a speech at the World Blockchain Summit in Wujen, Ant Financial’s head of technology and business innovation, Jili Li, revealed that the full release of the technology behind the Ant Blockchain Open Alliance will take place three months after the testing period..

“Although the blockchain is open to developers and institutions from around the world, we will carefully select the nodes for the platform,” Lee said..

The operators of the nodes in the Ant Financial system are representatives of the education and certification sectors, which should further increase the credibility of it. Further selection of partners will be based on the industries in which the company will be interested at a particular moment, and not on the regions of their presence, Lee explained..

A subsidiary of Alibaba Group has started ...

“We are currently unable to disclose the names of partners participating in the blockchain consortium,” he added..

The Ant Blockchain Open Alliance intends to reduce costs and expand the availability of services across a wide range of industries, including finance and healthcare, to a wider user base. The project was first announced in September. At the same time, the search for partners to support the blockchain network began..

Similar articles

  • Coincheck will start paying…

    Coincheck will start paying compensation next week Japanese cryptocurrency exchange Coincheck will start paying compensation to users,…

  • CME Group intends to launch…

    CME Group intends to launch Bitcoin futures contracts Derivatives trading platform operator CME Group has announced plans to…

  • Binance.US will start trading…

    Binance.US will begin trading without residents of 13 states American cryptocurrency exchange Binance.US this Tuesday revealed additional details…

  • Central Bank of Turkey began to study…

    The Central Bank of Turkey began to study bitcoin The President of the Central Bank of Turkey CBRT Murat Cetinkaya announced the creation of a research group with the aim of…

  • Algorand Foundation Raises $ 200 Million…

    Algorand fund raised $ 200 million to develop its blockchain ecosystem Algo Capital raised $ 200 million for its venture fund, writes…