Alibaba Rolls Out Blockchain Platform for  Companies
Main page News, Alibaba, China, Blockchain

Ant Financial, the fintech division of the Chinese giant Alibaba Group, has just launched the consortium blockchain platform OpenChain, The Block reports.

OpenChain has been created with the aim of supporting SMEs interested in using blockchain applications "with higher efficiency and lower cost".

Jin Ge, general manager of blockchain platforms at Ant Financial, said:

"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."

The blockchain networks of the consortium combine elements of both private and public blockchains and are often beneficial for organizations that operate in the same sector. OpenChain can be used in the fields of logistics, product sourcing, digital invoicing and charity.

OpenChain, whose alpha version started to be tested back in 2019, has been being used since then by WhiteMatrix, a provider of enterprise blockchain app development services.

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