The payment subsidiary of the Chinese e-commerce giant Alibaba, Ant Group today launched a new blockchain solution called AntChain.
According to a report published in the South China Morning Post AntChain is based on Ant Group’s blockchain technology, which combines artificial intelligence, the Internet of Things (IoT), secure computing and other technologies.
As part of the AntChain initiative The Ant Group has built a new workstation, the size of which resembles that of a laptop. It comes with an integrated hardware and software accelerator designed to simplify the operation of blockchain applications.
AntChain’s workstation could reduce setup time to a tenth of the usual time and increase transaction speed by 30%.
Over 100 million digital records are uploaded every day
The Ant Group entered the blockchain space in 2015 and started working on commercial applications for its blockchain last year. It is now claimed to support over a billion user accounts and process up to a billion transactions a day.
The company said nearly 100 million digital records are uploaded to AntChain every day, including transaction details, copyrights, and ownership certificates.
The Ant Group has shown a remarkable interest in the blockchain industry. In January of this year, the company also announced the launch of an enterprise-oriented blockchain platform called Ant Blockchain Open Alliance.
In an official statement, Li Jieli, general manager for blockchain solutions and innovations at Ant, said: “The use of industrial blockchain is still in its early stages and [apoyará] digital transactions that cut costs across industries as the digital economy evolves. “