Is blockchain the best option for Alibaba?
Alibaba Group vice president Liu Song considers applying blockchain in its supply chain. Song said that Alibaba’s setting of the Industrial Internet is a platform that enables businesses with the lowest level of technology. Its dominance resides in the almost total set of fundamental technology combinations at the bottom. These include objects, cloud
computing, and big data.
Alibaba unleashed blockchain subdivisions
At the same time, Alibaba has launched two blockchain subdivisions with more platforms centered on fintech, finance as well as supply chain management. It may be that Beijing does not want its citizens to trade or own cryptocurrencies but blockchain technology has captured the attention of both state and enterprises.
China’s huge e-commerce business is closely evaluating the technology with the launching of two new blockchain associates through its payment division, Ant Financials. The report says that Ant Double Chain Technology and Ant Blockchain Technology will soon be introduced in Shanghai’s Huangpu district.
The Ant Blockchain Technology purportedly will address big
data, software development, infotech and technical consulting. On the other hand, Ant Double Chain Technology will look over financial information services, supply
chain management, and fintech research and development.
Previously known as Alipay, Ant Financial has become China’s top online mobile payments service provider giving assistance to over 500 million users. Last year in June, the firm unveiled the launch of its initial blockchain-based electronic wallet cross border remittance service between the Philippines and Hong Kong.
Remittance service team up
AlipayHK and GCash announced on June 25, 2018, the launching of a cross-border remittance service via their e-wallet platforms. It is the primary blockchain-based cross-border digital wallet remittance service worldwide that provides a secure, quick, hassle-free, transparent, and economical way to move funds from Hong Kong to the Philippines.
According to Alibaba CEO Jack Ma:
“Blockchain should not be a tech to get rich overnight. There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination.”
The online mobile payments service provider has been exceptional for quite a while with over 10% of the global blockchain patents registered. However, the state still has uncertainties regarding blockchain. It perceives the technology as a peril to its information regulation efforts.
It just declared new rules necessitating blockchain-based services users to present national ID cards, phone numbers, and full identification details. In fact, blockchain-based service providers are compelled to work with the Chinese government when online activists started using blockchain to resist the administration.