Alibaba’s Ant Financial Testing Blockchain

November 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Ant Financial, a fintech division of the Chinese technology giant Alibaba Group, has begun testing a blockchain platform focused on supporting small and medium-sized businesses, writes the local media Sina Finance.

During a speech at the World Blockchain Summit in Wuzhen, China, senior director of technology and business innovation at Ant Financial, Jieli Li, announced that the full release of the technology that underpins the Ant Blockchain Open Alliance will take place three months after the testing period.

“While the blockchain is open to developers and institutions from all over the world, we will be cautious in terms of selecting nodes on the platform,” Li stressed in an interview with 8btc.com.

The nodes in the Ant Financial system are representatives of the fields of education and certification, which should further increase confidence in it. A further selection of partners will be based on industries in which at a particular moment the company will be interested, and not the regions of their presence, Li explained.

“We can not disclose the names of our partners who participate in the consortium blockchain at this time,” he added.

The Ant Blockchain Open Alliance intends to lower costs and expand the availability of services in various industries, including financial and healthcare, for a wider user base. The project was first announced in September. Then the search for partners to support the blockchain network began.

Author: Marko Vidrih