Alibaba blockchain: three-second transactions
Alibaba blockchain: three-second transactions

Alibaba blockchain: three-second transactions

By Rossana Prezioso - 25 Jun 2018

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Alibaba blockchain: Ant Financial, a subsidiary of the Chinese giant, has confirmed a fast blockchain transaction between its AliPayHK app and a Filipino app called Gcash.

Alibaba blockchain: three-second transactions. Leggi qui l’articolo in Italiano.

Revolutions continue in the blockchain universe. This time the case concerns the e-commerce giant Alibaba who, through its financial branch, better known as AliPay (with no less than 450 million users), was able to complete a transaction based on blockchain technology, between its AliPayHK app and the Filipino app called Gcash.

The time taken was only three seconds. All supervised by Ant Financial, a subsidiary of Alibaba.

Alibaba: Blockchain yes, bitcoin no

The payment company had already confirmed in the past the financing of about 14 billion dollars for the development of projects on the blockchain, its aim is to position itself as a leader in a rapidly growing sector, such as that of international remittances, particularly strong in Asia.

The CEO of the Chinese giant, Jack Ma, stressed that in the near future, for those who invest, it will be good to distinguish between blockchain and bitcoin: the first, in fact, is a technology that already today can boast a bright future, the second, said Ma in a speech at the second World Intelligence Conference in Tianjin, is only the main protagonist of a financial bubble.

Privacy and security in e-commerce

Ma’s statement, made in mid-May of this year, also highlights the enormous potential of the new blockchain-based system to solve various privacy and security issues, both of which are key factors in the e-commerce conglomerate, a sector capable of huge profits that, in the last quarter of 2017, reached close to 40 billion dollars.


Rossana Prezioso

Passionate about the new frontiers of online publishing, she decided to further deepen her knowledge by dedicating herself to the study of cultural and economic changes derived from the emergence of hi-tech finance, developing the themes concerning new business models related to it and the geopolitical influences of the new cryptocurrency economy.

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