Alibaba’s Subsidiary Launches Consortium Blockchain Platform, Aims To Help 1 Million SMEs

Ant Financial, a subsidiary of Chinese technology giant Alibaba, has launched OpenChain, its consortium blockchain platform. Openchain is aimed at assisting SMEs to deploy blockchain applications in a quicker and inexpensive manner.

The transaction speed of OpenChain is alleged to be several times quicker than Ethereum and other public blockchain platforms. Furthermore, the platform is aimed at assisting small and medium-sized enterprises deploy blockchain apps with increased efficiency and decreased cost.

The general manager of blockchain platforms at Ant Financial, Jin Ge mentioned, “Through the launch of the OpenChain platform, we aim to help one million SMEs and developers innovate and explore more use cases in the next three years.”

It is to be noted that the consortium blockchain networks combine elements of both private and public blockchains and are typically advantageous to organizations operating in the similar trade.

The OpenChain project supports use cases in various sectors including digital statements, supply chain finance, benevolent donations, and product provenance.

Ant Financial mentioned,

“These use cases require not only a trust mechanism among all parties, but also high-performance consensus algorithms that can complete authentication computation on the fly.”