The payments subsidiary of Chinese e-commerce giant Alibaba, Ant Group, today launched a new blockchain solution called AntChain.
According to a report in the South China Morning Post, AntChain is based on Ant Group’s blockchain technology that combines artificial intelligence, Internet of Things (IoT), secure computing and other technologies.
Ant Financial aims to launch its business blockchain platform this month
As part of the AntChain initiative, Ant Group has built a new workstation similar in size to a laptop. It comes with a built-in software and hardware accelerator aimed at smoothing the operation of blockchain applications.
AntChain’s workstation could reduce setup time to a tenth of the usual and could increase transaction speed by 30%.
China Everbright Bank uses Ant Financial’s DLT for its supply chain finance
Over 100 million digital records uploaded daily
Ant Group entered the blockchain space in 2015 and started working on commercial applications in its blockchain last year. It now claims to be able to support more than one billion user accounts and process up to one billion transactions per day.
The company said nearly 100 million digital records, including transaction details, copyrights and property certificates, are uploaded to AntChain every day.
Blockchain developer Ant Financial is positioned as the fifth largest private company in China
Ant Group has shown a remarkable interest in the Bitcoin Millionaire industry. In January of this year, the company also announced the launch of a blockchain platform focused on the company called Ant Blockchain Open Alliance.
In an official statement, Li Jieli, general manager of blockchain solutions and innovations at Ant, said: „The industry’s blockchain application is still at an early stage and [will support] digital transactions, reducing costs in various industries as the digital economy develops.