Alibaba Payments Arm Ant Group Launches AntChain Blockchain Solution

The Alibaba Payments Arm Ant Group, just launched a new blockchain-based solution AntChain for increased transparency and trust in all industrial processes as we are reading more in the upcoming blockchain news.

The Alibaba payments arm today launched a new blockchain solution Antchain and according to reports published on South China Morning Post, Antchain is built on top of the group’s blockchain technology combining artificial intelligence, secure computation, Internet of things and other technologies too. As a part of the chain initiative, the group builds a new solution in size to a laptop and it also comes with a built-in software and hardware accelerator that aims to smooth the functioning of blockchain apps.

Antchain’s workstation could reduce the set-up time to one-tenth of the usual and can speed up transaction times by 30%. Ant Group also entered the blockchain space in 2015 and immediately started working on commercial applications for the popular technology. It now says they are able to support more than one billion user accounts and process more than a billion transactions per day. The company said that about 100 million digital records including transaction details, property ownership,  copyright, and any other type of certificate are uploaded on the Antchain blockchain every day.

Ant Group showed a lot of interest in the industry and the company announced the launch of the blockchain-based platform called Ant Blockchain Open Alliance. In their official statement, Li Ljieli, who is the general manager of blockchain solutions at the company 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.”

As previously reported in the best cryptocurrency news sites, the company which is based in Hangzhou will recruit an “unspecified” amount of blockchain trained people who will focus on talent pools at IT colleges. The company also added that its goal is to set up a technical team which will be in motion in “the next 20 years” and also plans to invest funds in research and development in “core blockchain technologies” that include distributed ledger advances, asymmetric cryptography as well as consensus mechanisms.

Straight from our experts at Ant Blockchain! Bookmark it, please. https://t.co/yEeKCttSSk

— Ant Group (@antgroup) July 8, 2020

In the near future, experts believe that the Alibaba Ant Group will work related to Alipay and WeChat Pay, and the technologies could be used to help the central People’s Bank of China distribute the nation’s upcoming digital yuan.