Ant Financial, a fintech department of the Chinese technology giant Alibaba Group, has begun testing a blockchain system designed to support small and medium-sized businesses.
The Ant Blockchain Open Alliance platform will be launched three months after testing. This was announced by the head of technology and business innovation at Ant Financial, Jieli Li, at the World Blockchain Summit in Wujen.
“Although the blockchain is open to developers and organizations from around the world, we will carefully select nodes for the platform,” said Geely Lee.
Lee added that educational and certification institutions are the most preferred node operators, as they will increase the level of trust in the system. The selection of companies will take place by industry in which the company is interested, and the geographical location of partners will not be critical. However, at the moment, Ant Financial has not yet disclosed the names of the companies that became participants in the blockchain consortium.
According to the developers, the Ant Blockchain Open Alliance platform, working on the blockchain, will reduce costs and expand the coverage of services in various industries, including in the field of finance and healthcare.
Recall that Ant Financial first announced the project in September, after which it began to search for partners to support the network. In addition, at the end of last year, the company announced plans to enter the European market and began to negotiate with the payment application WorldFirst on its purchase. The transaction amount for that period was estimated at $ 700 million.