Ant Financial, the fintech arm of Chinese tech giant Alibaba Group, has launched the testing stage for its blockchain network aimed to support small and medium-sized businesses.
Speaking at the World Blockchain Summit at Wuzhen, China, Jieli Li, senior director of technology and business innovation at Ant Financial, said the tech underlying its Ant Blockchain Open Alliance is set to go live three months after the testing period, according to a report from Sina Finance.
“While the blockchain is open to developers and institutions from all over the world, we will be cautious in terms of selecting nodes on the platform,” Li stressed in an interview with 8btc.com.
The company will include educational and certification agencies as nodes to increase credibility of the network, and choose partners depending their industries rather than which regions they are based in, the exec explained. However, who those firms might be is not yet being disclosed.
“We can not disclose the names of our partners who participate in the consortium blockchain at this time,” Li said.
Ant Blockchain Open Alliance is aimed to cut costs and expand the reach of services in different industries, such as finance and healthcare, to a larger user base.
Ant Financial image via CoinDesk Archive
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.