Ant Financial announced a February launch date for an enterprise blockchain that experts believe could pave the way to mass adoption of the technology. The Chinese fintech firm is best known for its mobile payment product AliPay which is used by over half of China’s population.
The blockchain platform, known as Ant Blockchain Open Alliance, has been available in beta form since last November. Ant Financial’s VP, Jiang Guofei, said the platform will help small and micro enterprises to develop their own blockchain applications at a lower cost, and that the platform can support 1 billion daily transactions and can achieve 100,000 cross-chain information processing capabilities per second.
So far, the blockchain platform has reportedly helped resolved trust issues across 40 sectors, including cross-border remittances and trade finance. Jiang believes that blockchain is the “most valuable” technology in this era as he believe that in the future, blockchain will change people’s production and life like mobile payments and become the infrastructure of the digital economy.
Mass adoption will begin with China
Ant Blockchain Open Alliance was beta launched in November, with key goals as “low-cost, low-threshold, trusted and multi-value networks.”
They are cautious in the selection of node operators; not only the operators need to form a credible value network with a consensus accounting node, but they also need to provide authoritative endorsements.
Few of the major tech giants of the country – Alibaba, Baidu, JD and Tencent, – have either announced or launched their blockchain platforms. Earlier this week, Baidu launched the public beta for its “Xuperchain” open-network blockchain. The network allows users to deploy a blockchain application for as low as 1 Chinese yuan (~$0.14) until March.
With the development of the digital economy, industrial collaboration will become more frequent and complex, which will create more opportunities for blockchain