Alibaba’s payment platform, Ant Group, has launched AntChain, a new blockchain solution that increases trust and transparency in industrial procedures.
China’s e-commerce payment department Alibaba, Ant Group, today launched a new blockchain solution called AntChain.
According to a report published in the South China Morning Post, AntChain is based on Ant Group’s blockchain technology, which combines artificial intelligence, the Internet of Things (IoT), secure computing, and other technologies.
As part of the AntChain initiative, Ant Group has built a new workstation that is about the same size as a laptop. It comes with integrated software and hardware accelerators that facilitate the operation of blockchain applications.
The AntChain work station reportedly reduced the setup time to one-tenth normal and increased transaction speeds by up to 30%.
Digital Records on a daily basis
The Ant Group entered the blockchain space in 2015 and began working on commercial applications for its blockchain last year. It is now claimed to manage more than one billion user accounts and process up to one billion transactions a day.
The company announced that nearly 100 million digital records, including transaction data, copyright, and property certificates, are uploaded to AntChain every day.
The Ant Group has shown extraordinary interest in the blockchain industry. In January this year, the company also announced the launch of a company-focused platform, a blockchain called the Ant Blockchain Open Alliance.
In an official statement, Li Jili, general manager for blockchain innovation and solutions at Ant, said: “The industrial blockchain application is still in its infancy and [it] will support digital transactions by lowering costs across the industry when the digital economy is growing.”