Chinese tech giant Alibaba’s subsidiary launches consortium blockchain platform

Quick Take

  • Ant Financial has launched its consortium blockchain platform “OpenChain”
  • The platform is aimed at helping SMEs deploy blockchain applications faster and cheaper 
  • OpenChain’s transaction speed is said to be “several times faster than public blockchain platforms like Ethereum” 

Ant Financial, the fintech arm of Chinese tech giant Alibaba Group and the parent company of Alipay, has launched its consortium blockchain platform.

Dubbed “OpenChain,” the platform is aimed at helping small and medium-sized enterprises (SMEs) deploy blockchain applications “with higher efficiency and lower cost.”

“Through the launch of the OpenChain platform, we aim to help one million SMEs and developers innovate and explore more use cases in the next three years,” said Jin Ge, general manager of blockchain platforms at Ant Financial.

Consortium blockchain networks combine elements of both public and private blockchains and are usually beneficial to organizations operating in the same industry.

Ant Financial’s OpenChain supports uses cases in industries such as supply chain finance, product provenance, digital invoices and charitable donations.

“These use cases require not only a trust mechanism among all parties, but also high-performance consensus algorithms that can complete authentication computation on the fly,” said Ant Financial.

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