Alibaba’s Ant Financial launches test phase for its blockchain
Alibaba’s Ant Financial launches test phase for its blockchain

Alibaba’s Ant Financial launches test phase for its blockchain

By Stefania Stimolo - 12 Nov 2019

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According to a report, the giant fintech affiliate of Alibaba Group, Ant Financial, has announced the testing phase of the blockchain of its consortium, whose components have not yet been disclosed. 

Jieli Li, senior director of technology and business innovation at Ant Financial, spoke about this at the World Blockchain Summit held in China:

“We can not disclose the names of our partners who participate in the consortium blockchain at this time”.

In addition, it seems that the company’s blockchain will be up and running three months after the test period. This would be a blockchain open to developers and institutions from around the world, who will be carefully selected as nodes of the platform. 

In fact, to increase the credibility of the network, educational and certification agencies will be included as nodes. Partners will also be chosen according to their sector or the regions in which they are and work. 

Ant Financial’s goal is to use the blockchain network to reduce costs and increase the service sectors it offers, such as healthcare and finance, seeking to reach a larger audience than now. 

Ant Financial, the former Alipay of the Chinese multinational Alibaba Group, is defined as the most valuable unicorn company in the world, with a value of 150 billion dollars. 

The world giant of electronic commerce, Alibaba, was also mentioned on yesterday’s Chinese World Day 11/11, dedicated to singles.

In fact, the Chinese equivalent day of Black Friday, has resulted in Alibaba earning as much as 38 billion dollars, beating the US turnover on the shopping day, which, according to estimates, is estimated at 29 billion. 

Not only that, Alibaba seems to have signed a partnership with Lolli in honour of the Single Day for which users would have received a cashback of up to 5% bitcoin on online purchases made on the Alibaba platform. 

With regard to the Single Day, this is how it is described:

“Singles’s Day is a shopping holiday popular among young Chinese people that celebrates pride in being single, or as Emma Watson recently declared in an interview with British Vogue, “self-partnered.” Whatever you want to call it, the date, November 11th (11/11), was chosen because the number “1” resembles an individual who is alone. The holiday has become the largest offline and online shopping day in the world, with Alibaba shoppers exceeding $31 billion USD in spending during the 2018 celebration”.

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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