Company Ant Financial, the Alibaba Group affiliate, launched a blockchain-based platform that helps small and medium businesses to increase efficiency through optimization of interaction.
Consortium platform OpenChain allows you to combine elements of public and private blockchains in a single network that enables organizations to establish contacts and developers to deploy new applications and to introduce various innovations.
The project should help the companies working in the same field, to improve interaction and enhance trust between all parties. Possible use OpenChain can be the supply chain financing, verification of origin of products, digital accounts and organization donations.
According to representatives of Ant Financial, the built-in algorithms provide high performance and instant authentication. In this case the transaction rate is several times higher than the public blockchain platforms like Ethereum, and their cost is ten times lower.
Testing of the platform began in 2019.
After the open support of the blockchain by the Chinese authorities, many large companies began to develop their own projects in this field. These include giants such as Baidu, Tencent and JD. However, the greatest activity in this direction show Alibaba and Tencent, which last year filed respectively 470 and 718 patent applications on the blockchain.
text: Ivan Malichenko, photo: capitalwatch