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Alibaba’s Ant Financial blockchain has been developed with an aim to provide support to small and medium-sized businesses.
Ant Financial, a subsidiary of Chinese tech giant Alibaba Group, has finally reached the testing phase of its business blockchain. The fintech arm of the tech giant, which has been working on a blockchain network created to support small and medium-sized businesses, has commenced its blockchain testing.
Blockchain Tech Soon to Go Live
A top official at Ant Financial, Jieli Li who is the senior director of technology and business innovation at the company, stated during the World Blockchain Summit which held in Wuzhen, China, that the technology upon which its Ant Blockchain Open Alliance is built will be launched three months after the end of its testing phase.
In another interview, Li added that everyone on the planet, developers and institutions alike, will have access to the blockchain but at the same time made it clear that not all nodes will be welcomed on the platform, as a severe selection process will be adopted.
Partnerships that Bring Credibility
Making the network credible is part of the agenda of Ant Financial; therefore, the company will be including certification and educational agencies as nodes to the network to bump up its credibility. Also, partners for the network will not be chosen based on the region where they are situated. Instead, it will be based on their industries. However, the names of the firms are yet to be made public.
“We can not disclose the names of our partners who participate in the consortium blockchain at this time,” said Li.
Future Plans of Expansion in Progress
One of the core objectives of the Ant Blockchain Open Alliance is to reduce the cost of services in different industries and make them more accessible to a more extensive user base. Some of the sectors include healthcare and finance.
The project was unveiled by the company in September and has ever since been pursuing partnerships across various industries. So far, the company has successfully come into partnership with a number of firms whose names are still kept secret.
Presently, the company has shown no sign of stopping in its quest for innovation. At this rate, more projects are expected to roll out in the foreseeable future. As a matter of fact, Ant Financial has other blockchain projects that it is currently working on, such as a food tracking app and a system dedicated to agri-products monitoring. The latter is a combined venture with Bayer.