The payments subsidiary of the Chinese e-commerce giant Alibaba, Ant Group, launched a new blockchain solution named AntChain on 23rd July. Antchain is released for increasing trust and transparency in the industrial processes.
Alibaba’s payments arm, Ant Group has released a new blockchain solution, AntChain. As per the report published on South China Morning Post, AntChain is built on top of Ant Group’s blockchain technology blending artificial intelligence, secure computation, Internet of Things (IoT) and, other several technologies.
In accordance with the AntChain initiative, the Ant Group has now built a new workstation, much the same in size to a laptop which comes with built-in software and hardware accelerator. And it is meant to smoothen the functioning and working of blockchain applications. The AntChain’s workstation can apparently increase transaction speeds by 30 percent and decrease the set-up time to one by a tenth of the regular. Over 100 million digital records are uploaded daily.
Ant Group had walked into the blockchain space in the year 2015 and started working on the commercial applications on its blockchain last year. Ant Group now asserts that it can support more than one billion user accounts and operates up to a billion transactions every day.
The company said that around 100 million digital records plus the copyright, transaction details, and the property ownership certificates are being uploaded onto the AntChain per day. Also, the company has shown extraordinary interest in the blockchain industry. The company did announce the launch of an enterprise-focused blockchain platform called the Ant Blockchain Open Alliance, last January.
Li Jieli, the general manager of blockchain solutions and innovations at Ant Group told in an official statement that, “The application of industry blockchain is still at a beginning stage and this will support digital transactions, reducing costs in various industries as the digital economy is developing and will continue to develop.”
Chinese shipping giant Cosco says it was trialing with Ant Blockchain before this month to give out tamper-free documentation, which includes container records and import licenses. The company now profess to be the largest operating blockchain in China. AntChain will merge blockchain with Ant’s other surfacing tech offerings, counting the internet of things and artificial intelligence.
