Alibaba’s Ant Financial Soon To Launch Blockchain Backend-as-a-Service Platform

By Agi Fatou Ndow September 28, 2018 Digital Currency No Comments

Ant Financial, the financial partner of Chinese Alibaba, is launching a blockchain BaaS (Backend-as-a-Service) platform, local news outlet China Money Network reports September 21.

The declaration was purportedly made by Ant Financial VP Jiang Guoefei at the Ant Technology Exploration Conference (ATEC) in Hangzhou yesterday. The new BaaS platform is being propelled pair with an endeavor centered “insect blockchain accomplice program” that will supposedly empower small and medium-scale organizations to execute and enhance new blockchain arrangements.

The declaration lines up with what Gueofei described as a move to “open up” Ant’s in-house technologies to the more extensive business area:

“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.”

As a major aspect of its driving force to market the innovation, Ant Financial trialed its first blockchain remittance prior this summer, utilizing its recently created blockchain-based electronic wallet cross-border remittance service. The preliminary showed an exchange of assets between Ant Financial’s AliPayHK — the Hong Kong version of Ant’s mainstream mobile payment application Alipay — and Filipino payment application GCash.

The CEO of Alibaba Jack Ma has flagged expanding inclusion of AliPay in blockchain for quite a long while, with Ant Financial most recently anchoring $14 billion in funding for the innovation’s advancement this June.

New data published late August revealed that Alibaba had fixed in front of the rest of the competition internationally on another list that positioned elements by the quantity of blockchain-related licenses documented to date; the online business conglomerate has recorded a stunning 90 such licenses, defeating even IBM.

In any case, Ma conveyed a keynote lecture not long ago in which he noticed that blockchain is one of a large group of cutting-edge innovations that still need to demonstrate they can help advance society in a “greener and more inclusive” direction.