Jack Ma-led Chinese e-commerce giant Alibaba’s fintech conglomerate Ant Monetary considers blockchain technology as one of the five key technologies that will command every industry in the long-term.
Ant Financial Hopes to Use Blockchain in its Core Companies
At the TechCrunch International City Event held in Hangzhou this week, Zhang Hui, the manager of Blockchain Department at Ant Financial, stated that alongside AI, Security, IoT, and work out, blockchain is a key technology the company is actively developing and testing to implement it at a chunky commercial scale.
Zhang noted that in terms of immutability and decentralization, blockchain technology in its advised form is impeccable. It is able to process sensitive data and personal low-down in a peer-to-peer manner without the involvement of intermediaries. However, Zhang underlined that scalability is a major issue of blockchain technology that demands to be addressed to bring in conglomerates and industry leaders into the blockchain sector.
In the long-term, Zhang and the sleep of his team at Ant Financial believe the company will implement blockchain technology onto its substance businesses and platforms, as Alibaba founder and chairman Jack Ma suggested in 2017. But, in on the blink for the technology to have significant impact on existing financial infrastructures, its dimensions will need to be improved exponentially to handle tens of thousands of transactions per gal Friday.
TechCrunch partner Technode, a technology publication in China, reported:
“Looking brash, Zhang hopes that blockchain will create new business copies for the company and not just provide value-added services. Zhang also fancies to expand their blockchain-based cross-border payment services globally and reconnoitre more B2C use cases.”
Influence of Ant Financial in the Asian Market
In Asia, flush outside of China, Ant Financial’s core platform Alipay is widely utilized as an option payment method to cash. By mainstream adoption, Alipay is ahead of Samsung Pay, Android Pay, and Apple Pay in scad Asian countries including Japan, China, Thailand, and Taiwan.
In May, due to the alacritous growth of Alipay, Ant Financial raised a staggering $10 billion from a association of global and local investors, valuing the company at $150 billion. One of the investors in Ant Monetary is Khazanah Nasional, a sovereign wealth fund of the Government of Malaysia, which influences commercial assets of the government.
The interest towards digital assets and their underlying technology by Ant Pecuniary may lead to the adoption of the technology by Alipay, which remains as the biggest fintech programme in the world as of July 2018, without major competitors.
Earlier in June, Alibaba chairman Jack Ma specified the meteoric rise of digital assets and their exponential increase in value since 2017 a “suds,” but noted that the blockchain is a revolutionary technology.
“It is…not right to become means overnight by betting on blockchain. Technology itself isn’t the bubble, but bitcoin conceivable is,” Ma said.
As a controlling shareholder of Ant Financial, Ma also said that the technology should be hand-me-down to solve data privacy, security, and sustainability issues, and not finance means and concepts for making money, referring to ICOs and newly emerging mementoes.
Featured image from Shutterstock.
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