Ant Financial Launches Consortium Blockchain Platform to Help Small Businesses
The company Ant Financial, a subsidiary of Alibaba Group, has deployed a blockchain platform that will help small and medium-sized businesses increase their efficiency by optimizing interaction.
The OpenChain consortium platform allows combining elements of public and private blockchains into a single network, which enables organizations to establish connections, and developers to deploy new applications and introduce various innovations.
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The project should help companies working in the same field to improve interaction and increase trust between all parties. Options for using OpenChain include supply chain financing, product verification, digital invoices, and charitable donations.
According to representatives of Ant Financial, built-in algorithms provide high performance and instant authentication. At the same time, the transaction speed is several times higher than that of public blockchain platforms, such as Ethereum, and their cost is ten times lower.
Platform testing began back in 2019.
After open support for the blockchain by the Chinese authorities, many large companies began to develop their own projects in this area. These include giants such as Baidu, Tencent and JD. However, Alibaba and Tencent are the most active in this direction, which last year alone filed 470 and 718 patent applications for the blockchain.