Alibaba’s Ant Financial launches Blockchain Backend-as-a-Service Platform

Alibaba's Ant Financial to Launch Blockchain BaaS Platform

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  • Ant Financial launches Blockchain Backend-as-a-Service platform.
  • Alibaba has shown increasing interest in Blockchain technology.

A local media channel revealed today Friday 21st September that a financial affiliate of Alibaba, Ant Financial, has announced its plan to launch a Blockchain Backend-as-a-Service (BaaS) platform.

Jiang Guoefei, the vice president of Ant Financial reportedly made the announcement yesterday during the Ant Technology Exploration Conference (ATEC) which took place in Hangzhou. The service platform would be launched together with “ant Blockchain partner program,” which is an enterprise-focused program that will supposedly make it possible for small and medium-scale businesses to apply and innovate new Blockchain solutions.

The announcement was released in alignment with what Jiang described as a step into opening up Ant Financial’s in-house technologies to the broader commercial sector. He said:

“In the past two years, Ant Financial has been working on two aspects about blockchain. One is to improve the technology, and the other is to open it up and accelerate the commercialization of blockchain applications.”

In its bid to commercialize the Blockchain technology, earlier this summer Ant Financial tried its newly developed electronic wallet cross-border remittance service based on the Blockchain technology to track its first Blockchain remittances.

It was reported that Ant Financial tested the service to transfer funds between AliPayHK (AliPay Hong Kong), the Hong Kong version of the popular AliPay mobile payment app and GCash, a Filipino payment app.

Jack Ma, the founder and CEO of Alibaba has shown his AliPay’s increasing participation in Blockchain technology over the year. Cryptona.co reported last June, Ant Financial secured about $14 billion to fund the development of Blockchain technology.

Reports released last August showed that Alibaba outflanks IBM to top the list that ranks entities worldwide according to the number of Blockchain-related patents filed; altogether, Alibaba has filed nothing less than 90 Blockchain-related patents till date.

More so, Jack Ma gave an important speech earlier this month where he stated that the Blockchain technology is among the list of advanced technologies that should be harnessed to help advance the society in a “greener and more inclusive” direction.

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