AntChain, Alibaba Payments Subsidiary, Unveils Blockchain Solution

Ant Group, payment subsidiary of Alibaba, China’s e-commerce behemoth, has introduced a unique blockchain tool named AntChain. The tool, created using Ant Group’s blockchain technology, brings together IoT (Internet of Things), artificial intelligence, safe computing and other technological advancements.

Within the ambit of the AntChain plan, the Ant Group has created a unique workstation comparable to the size of a laptop. The workstation consists of tailor made software and hardware accelerator for smooth running of blockchain apps.

AntChain’s workstation can minimize the installation time to one-tenth the normal and can boost transaction ability by 30%.

Ant Group entered the blockchain domain five years back. It began developing commercial apps using blockchain technology in 2019. The company boasts that its system can support one billion user accounts and handle up to a billion transactions each day.

The company stated that nearly 100 million digital documents including transaction info, property possession documents and copyright are stored on AntChain daily.

Ant Group has demonstrated marked interest in the blockchain sector. Earlier in January, the company rolled out an enterprise centered blockchain platform named Ant Blockchain Open Alliance.

As per Li Jieli, general manager of blockchain solutions and innovations at Ant, stated “The application of industry blockchain is still at an early stage and [it] will support digital transactions, reducing costs in various industries as the digital economy develops.”