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..
“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..
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