Alibaba’s payment arm Ant Group has launched a new technology brand to speed up the digital transformation of traditional industries. The new blockchain project called AntChain aims to strengthen transparency and build trust in industries that traditionally involve many participants and complex processes.
Developing Alipay, the online payment platform for the world’s largest e-commerce company, Alibaba, Ant Group launched a new blockchain solution. The AntChain solution, which includes many technologies including artificial intelligence, Internet of Things (IoT) and secure computing, is based on the company’s blockchain technology, which is used in situations such as rental, transportation, and insurance claim processing.
Eric’s Managing Director Eric Jing uses the following statements:
“It has been the foundation of the trust we have offered to our customers since our establishment. We believe in the potential of Blockchain to redefine trust in the digital age and to solve real life problems for our customers. ”
What is its Features?
The AntChain workstation can be installed with a tenth of the time it normally takes, with advanced security algorithms and hardware encryption acceleration for secure computing, and increases processing speed by 30 percent. The AntChain solution will also use many technologies, including artificial intelligence, the Internet of Things (IoT) and secure computing.
As is known, Blockchain is a distributed database where each participant shares and synchronizes information. The data kept in the chain records called “block” does not belong to any authority. The decentralized design makes it transparent and resistant to tampering. Given its transparency and enhanced protection against hacks, blockchain is expected to be widely applied to industries such as banking, manufacturing supply chain, digital identity and governance.
“Blockchain is evolving along with the digital transformation wave of traditional industries,” said Li Jieli, general manager of Ant, Blockchain solutions and innovations. The industry blockchain application is still at an early stage and as digital transactions evolve, it will support digital transactions by reducing costs in various industries. ”