One of the big-name Chinese financial companies, Ant Group, is making easy access to the application of Blockchain technology across multiple sectors, through a new solution dubbed AntChain. Following the properties of Blockchain, the new AntChain solution is aimed at boosting trust and transparency for Industries with complex processes.
AntChain solution will aggregate IoT and other technologies
Ant Group, which is also the parent company behind the Chinese largest digital payment platform, Alipay, launched the AntChain solution on Thursday. According to the report, AntChain is designed to aggregate several technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and more.
Since our inception, building trust has been core to our offer to customers,” said Eric Jing, executive chairman of Ant. “We believe in blockchain’s potential to redefine trust in the digital age, and in solving real-life problems for our customers.
Meanwhile, the AntChain solution will rely on Ant Group’s Blockchain. The company boasts in the report that its Blockchain technology has been successfully used in about 50 different cases. This includes in the shipping Industry, IT leasing, for cross-border transactions, to process insurance claims, for charitable donations, and more.
AntChain solution workstation
As explained earlier, the aim of the new Blockchain solution is to ensure transparency across different Industries. Hence, Ant Group noted that the AntChain initiative would feature a new workstation, which will have the same size as a laptop. The workstation will enable easy Blockchain applications through a dedicated hardware accelerator, and software already built into it.
The AntChain workstation can be set up in one-tenth of the time it normally takes and increases transaction speed by 30 per cent with enhanced security algorithms and hardware encryption acceleration for secure computation, the company added.
Owing to the tamper-proof and transparent properties of Blockchain, it is hoped that the technology will be increasingly applied in financial institutions, governance, etc.