Ant Blockchain, now named AntChain, is the largest blockchain platform in China and will focus on utilising blockchain for emerging technologies
Earlier this week, Ant Blockchain, a subsidiary of Alibaba, introduced its newly developed blockchain platform with integrated AI, Internet of Things (IoT) and secured computation.
Introduced in 2015, Ant Group is the leading developer of the commercialised use of blockchain technology in Asia. Ant blockchain, now rebranded as AntChain, claims to be able to process up to a billion transactions in a day and support more than one billion users.
The introduction of AntChain will likely streamline the integration of blockchain technology throughout numerous industries.
Geoff Jiang, Vice President of Ant Group, commented:
“With the launch of the AntChain brand, we look forward to contributing to the acceleration of blockchain-enabled industry transformations, and to working with our partners to make blockchain technology more accessible for users, as well as creating tangible value for SMEs, consumers and clients across a spectrum of industries.”
New technology for blockchain development
AntChain is currently uploading up to 100 million digital assets per day, including transaction documents and property certificates.
Alongside the introduction of the new blockchain, Ant Group also unveiled a blockchain workstation — it is a laptop sized machine with the ability to set up AntChain on-demand in an hour.
The machine minimised blockchain deployment time by up to 90%, helping industries that want to use blockchain via fast and easy integration. The company also claims an increase in transaction speeds by up to 30%.
With China setting blockchain development as one of its main priorities, the new platform will be a valuable resource for domestic firms who are looking for a blockchain solution.
Ant Group in the forefront
Ant Group currently possesses the largest blockchain in China and seem keen to put it into operation.
Recently, Ant Group entered the logistics industry by partnering with Cosco Shipping, which implemented a trial version of the Ant blockchain in order to keep documents secure and to speed up communication and cargo tracing processes.
Furthermore, to support China’s blockchain-powered future, an electronic seal program in the city of Hangzhou was facilitated by the Ant blockchain.
Alibaba is known to participate in data collection for the CCP’s controversial social credit score through its popular Alipay service. A multi-industry blockchain implementation campaign could suggest a secondary motive, mass data collection.
Industry data uploaded to AntChain could be sent to a centralised center for data collection masked as a decentralised service – which may create hurdles for the new platform outside of China.