Bitcoin, Cryptocurrency And Blockchain News

Alibaba’s Ant Financial to Assist Small Entrepreneurs With Blockchain BaaS Service


Jiang Guofei, the Vice President of Ant Financial, a financial affiliate to Alibaba, has disclosed to the public that the company plans to initiate a blockchain BaaS, as well as a partner program that is also blockchain-based. According to Jiang, the program, when launched, will assist blockchain-based small and medium-sized entrepreneurs in building and modernizing applications.

Ant Financial to Make its Technology Available to the Public

Speaking earlier yesterday at the Ant Technology Exploration Conference (ATEC), the Vice President said that Ant Financial would make its technologies, together with its blockchain technology, publicly available.

According to Jiang,

In the past two years, Ant Financial has been working on two aspects about blockchain. One is to improve the technology, and the other is to open it up and accelerate the commercialization of blockchain applications.

iPR Daily observes that Ant Financial is currently at the forefront of international body when it comes to the number of filed patents which relate to blockchain. The major centers of patent attention include smart contracts, privacy protection, consensus mechanisms, cross-chain interactions, and trusted computing.

New Partnership With Philippines-Based GCash

The last two months have seen Ant Financial taking the commercialization of its blockchain applications to a new height. This massive and aggressive drive is placing it in a strong position, from which it hopes to dominate the crypto ecosystem. The month of June saw it partnering with GCash, a payment service platform based in the Philippines, to launch a cross-border remittance service. This provides businesses in the Philippines a platform that makes blockchain-based transactions seamless and more affordable.

Ant Financial Also Exploiting China

Ant Financial has not only spread its business to the Philippines, but is gradually making inroads into the rest of the Asian continent. With the launch of blockchain medical electronic bills in China’s province of Zhejiang, Ant looks set to take advantage of the medical sector in the country. They have also worked with Shanghai Huashan Hospital to release the first blockchain-based electronic prescription service in China.

Jiang summarized by saying:

The company focuses on consumer livelihood and social needs when it considers commercialization of its blockchain programs.

Alibaba is currently one of the largest online retail shops in the world.

What do you think of this innovation from Ant Financial? Share your opinion using the comments section below.