Economy

Alipay parent unveils AntChain as new blockchain brand

Alipay parent unveils AntChain as new blockchain brand”

According to a report released on South China Morning Post, Ant Chain is developed on top of Ant Group's blockchain innovation integrating expert system, Internet of Things (IoT), safe and secure calculation and other innovations.

Making its first move into the blockchain industry in 2015, the Ant Group development team shifted its focus to commercial applications on its network a year ago.

Ant Group, payment subsidiary of Alibaba, China's e-commerce behemoth, has introduced a unique blockchain tool named AntChain.

Approximately the size of a laptop, the workstationis created to accelerate the deployment of AntChain's applications, with baked-in hardware encryption acceleration for privacy-preserving computation and enhanced security algorithms. Currently, over 100 million digital assets are uploaded onto AntChain on average every day. Its highlight is that it reduces the deployment time of blockchain-based solutions up to 90%.

Ant Group introduces a new Blockchain solution.

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The group's managing director of blockchain technologies and developments, Li Jiel, i said in an official statement: "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". With AntChain Station, enterprise clients can rapidly deploy and use blockchain technologies.

Given that high power usage, slow set-up and slow operational times have been primary practical elements holding back the implementation of blockchain applications, this new hardware/software solution may make blockchain more practical for a host of new solutions.

The decision to file for an IPO, that has been explained by the company as a way to accelerate the digital transformation of China's service industry, has been reportedly under discussion for at least two years but factors such as the outbreak of COVID-19, that has turned most of businesses and transactions to an all-digital dimension, and the raising level of hostility of the USA administration towards Chinese tech companies, that has resulted in the threat to delist them from America's bourses, has definitely accelerated the decision-making process of Ant's top management.

It also signed a strategic agreement with Dell, Hewlett-Packard and Lenovo to make IT leasing services more accessible for SMEs through the use of blockchain capability following a similar partnership with Intel in May. AntChain is used in more than 50 use cases typically involving multi-party collaboration, including IT leasing, global shipping, medical insurance claim processing, cross-border remittance, charitable donations, and more. As per the company, it has championed the global ranking for blockchain patent applications.



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