The Fintech conglomerate of Jack Ma led leading e-commerce brand Alibaba, Ant Financial revealed, in the TechCrunch International City Event organized in Hangzhou, its plan to incorporate Blockchain in its business.
The company that backs Alipay, the leading peer to peer payment service, listed Blockchain as one of the five prime technologies – among IoT, Security, Computing, and AI – that would dominate every single industry in the coming years.
Zhang Hui, the Director of Blockchain at Ant Financial, noted that when it comes to decentralization and immutability, Blockchain technology is impeccable. The technology is capable of processing the personal information and sensitive data in peer-to-peer mode, without the need of intermediaries’ involvement.
However, Zhang said that one of the major issues that need to be solved in order to get industry leaders and conglomerates on board is Scalability.
In the coming future, Zhang and his team back at Ant Financial believes that the company will be implementing blockchain technology in the platforms and core businesses according to the envision set by Alibaba’s Chairman and Founder Jack Ma in 2017.
In order to implement the technology on a full scale in their business operations, the company would be improving the present capacity of Blockchain related to handling tens and thousands of transactions per minute.
About Ant Financial
Ant Financial is a sister company of the Chinese giant Alibaba Group. The brand is the highest valued finance and technology company in the world and it recently raised $10 Billion from the group of local and global investors, giving it a valuation of $150 Billion.
Ant Financial is not the only Fintech company to be banking the disruptive Blockchain technology, there are other names in the Fintech domain as well, such as – The Bitfury Group, Veem, and Robinhood etc. All of these companies amongst a list of other Blockchain based Fintech brands are together creating an ecosystem for Blockchain that guarantees greater participation from the business’s end and a mass adoption from the end users’ end.
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