Ant Financial to Tap Blockchain During China's Multibillion Dollar Shopping Bonanza

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By Maud Guon Nov 05, 2018
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As China's busiest online shopping holiday approaches, Ant Financial gets set to leverage blockchain technology in an unprecedented move.

Ant Financial, the financial services arm of tech giant Alibaba, serves as one of China’s largest fintech companies. It has already developed its own blockchain platform for financial services, which is heading for a wide variety of business applications.

Ant Financial, holding the most blockchain patents in the world, has attracted considerable attention on its blockchain journey.

E-commerce titan Alibaba is now gearing up for China’s annual “Double 11” online shopping spree on November 11, also known as Guanggun Jie, a day which has seen online sales records broken. But what exactly will happen this time round when the world’s biggest online shopping event meets blockchain technology?

“This year, blockchain technology will be used to track commercial products from China and abroad during the “Double 11” shopping festival, including product information like place of origin,” said Eric Jing, CEO of Ant Financial, at the Second Qian Tang River Forum on November 3.

According to Mr Jing, Ant Financial has already launched a finance blockchain platform and is exploring large-scale business applications of blockchain technology. “We have already developed a blockchain-as-a-service (BaaS) platform ourselves, consisting of an open platform built on top of underlying supporting infrastructure.”

He also highlighted the importance of emerging technologies and encouraged developers to make the most of blockchain technology in the digital economy, especially by conducting financial activities and retail business on a blockchain platform.

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