Ant Financial Leads China’s Blockchain Charge

Asia Blockchain Review
May 22, 2019

Although the Chinese government has banned cryptocurrency trading and initial coin offerings (ICOs), and may even extinguish its massive crypto-mining industry, it has nevertheless backed the development of applications based on blockchain technology.

As reported by MIT Technology Review, such support has propelled a surge in the development of blockchain-related projects in China.  

Leading the charge is Ant Financial, the payments affiliate of e-commerce giant Alibaba and the largest fintech company in the world by value.

Ant Financial operates the digital payment service Alipay, which has a ubiquitous presence in China and has been investing heavily in new technologies, including blockchain, artificial intelligence (AI), quantum computing.

According to Hui Zhang, director of Ant Financial’s blockchain division, a major goal of the high-tech initiative is to build the “industrial internet,” with digital services tailored to China’s industry having much catching up to do.

Zhang said blockchain technology, in combination with the internet of things and AI, will offer firms a more efficient means through which to connect and exchange important data, thereby boosting productivity.

The company, valued at US$150 billion in 2018, has developed a proprietary blockchain platform. Alibaba was the world’s leader in patents amassed in 2018, just ahead of IBM with China’s central bank at 4th place.

Ant Financial is currently using new technology to support applications one for tracking charity donations, one which tracks physical items such as components of supply chains, and a third facilitating rapid, cross-border payments in Asia.

The fintech firm is also developing a blockchain-powered platform for international trade finance, as well as proprietary technology and applications for the open-source enterprise blockchain platform Hyperledger.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:


Related Article
Tradewind Tracks Gold Trade with Origins Blockchain
Blockchain-based digital trading platform Tradewind Markets has launched Origins, a new solution to ...

November 15, 2019

Fujitsu, Ricex Partner to Develop Rice Trading Platform
Fujitsu and Switzerland’s Rice Exchange have partnered to develop a rice trading platform using bloc...

November 14, 2019

Major Asian Financial Service Firms Publish Report on Tokenized Securities
Some of Asia’s largest financial firms have published a paper exploring the feasibility of using tok...

November 14, 2019

Smart Cities in China Embraces Blockchain-enabled ID System
China has launched an identification system powered by blockchain to improve connectivity and data s...

November 13, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us