Alibaba Subsidiary Ant Financial Rolls Out Blockchain Platform ‘OpenChain’ for SMEs
Ant Financial, Chinese fintech enterprise, previously referred to as Alipay, has entered into a partnership wtih blockchain platform named ‘OpenChain.’
As per announcement made on April 16, the platform would permit coders and SMEs (Small and Medium Enterprises) to use path breaking blockchain products.
They can now study the technology and create better applications and smart contracts on the blockchain.
Ant Financial’s General Manager, Jin Ge, asserts that the rollout of OpenChain will improve the initiatives of roughly one million SMEs and coders over the forthcoming three years.
As per media release, SMEs and programmers will be able to utilize multiple tools to develop products related to supply chain finance, product origin, electronic invoices and charitable contributions.
This can assist in widening the adoption of blockchain technology across various sectors.
Wu Xiao, CEO of WhiteMatrix, a company utilizing OpenChain to build smart contracts, explained how the platform is better than popular blockchain platforms such as Ethereum. Wu Xiao said:
“The platform facilitates cost-effective smart contracts, and lowers the entry barrier for developers. Not only are OpenChain’s transaction speeds several times faster than public blockchain platforms like Ethereum, but the cost per transaction is only one-tenth of others.”