Alibaba, Chinese Multinational Company Plans To Aid Small And Medium Enterprises

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The leading Chinese Fintech company Ant Financial which is affiliated to Alibaba has announced a blockchain platform OpenChain that enables the operations of small and micro enterprises (SMEs) and developers.
  • According to the General Manager of Blockchain Platforms at Ant Financial Jin Ge, with the launch of the OpenChain platform, the company will support over a million SMEs and developers transform and explore more utilized cases in the coming three years.
  • It is assumed that the blockchain technology from Ant Financial is reported as the biggest among other blockchain technology providers in China.

The leading Chinese Fintech company Ant Financial which is affiliated to Alibaba has announced a blockchain platform OpenChain that enables the operations of small and micro enterprises (SMEs) and developers.

The blockchain is set to explore more opportunities

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This blockchain will help the developers and SMEs to launch blockchain-based smart contracts and decentralized applications (DApps) at minimum cost in a more effective way. With the development of applications of blockchain technology worldwide, this exclusive Alibaba blockchain platform is all set to explore more technological opportunities.

According to the General Manager of Blockchain Platforms at Ant Financial Jin Ge, with the launch of the OpenChain platform, the company will support over a million SMEs and developers transform and explore more utilized cases in the coming three years.

However, the Alibaba blockchain platform host many significant features that help the developers to build trust in various fields such as supply chain finance, joining different parties, and many more.

Unlike its features, the platform is well-prepared with other prominent technologies like reliable computing abilities which in return offer data security for each and every application that is running on the blockchain along with their upgrades.

The transaction speed of OpenChain is several times faster

During the initial alpha testing of OpenChain, a blockchain app development service enterprise, WhiteMatrix has been utilizing the platform to develop smart contracts for developers. The founder and CEO of WhiteMatrix Wu Xiao notified that the transaction speed of OpenChain is several times faster than the other public platform such as Ethereum, but the cost per transaction is even less that is only one-tenth of others.

It is assumed that the blockchain technology from Ant Financial is reported as the biggest among other blockchain technology providers in China. The company has developed various applications related to blockchain patents over the past three years.

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