Alibaba Moves to Promote Blockchain in China

March 25, 2019

Chinese e-commerce giant Alibaba Group Holding Ltd. has been making major waves in the blockchain space, as part of a wider effort to focus on innovative financial technologies. Its payment arm, Ant Financial Services Group, has launched two blockchain affiliates known as Ant Blockchain Technology and Ant Double Chain Technology in the Shanghai district of Huangpu.

Ant Blockchain Technology centers around areas such as software development, big data services, computer information technology, technical consulting, transfer and services, and financial consulting.  Ant Double Chain Technology is meanwhile focused on data and financial information services, research and development of financial products, design, supply chain management, and consulting services

Alibaba is determined to leverage blockchain and has acted accordingly in helping the technology gain exposure by raising awareness about its potential applications.

In addition to the cryptocurrency book Cryptoassets featuring on a Chinese news program, a popular variety show recently presented blockchain as a solution to supply chain traceability.  Broadcast on Zhejiang TV, the show raised the issue of suppliers who were under pressure to reassure customers on matters of product authenticity.

The solution from Alibaba came in the form of products being tagged with QR codes that allowed their movement to be traced through supply chains. Such exposure, sponsored by Alibaba, helps the public to better understand how blockchain ensures security for data and commodities while impacting other areas.

Alibaba Co-founder Jack Ma has insisted that the focus of the technology must be on the manufacturing industry, saying blockchain, together with artificial intelligence and Internet of Things, will be “meaningless” unless they can help transform the manufacturing industry. He also stressed that innovations should promote the evolution of society towards “a greener and more inclusive direction

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