The e-commerce behemoth, Alibaba, has always been friendly towards new technology like IoT, AI, and especially Blockchain.
The company has been reported making some advancements on the launch of two Blockchain-related subsidiaries, Ant Blockchain technology, and Ant double chain technology.
A Tool for Adoption
The two affiliates will be launched in the district of Huangpu in Shanghai and as part of the company’s plan to go after innovative technology that can help the company thrive in view of the tehnology’s role and tendency as a tool for fintech adoption across the world.
Same Objective But Different Roles
Ant Blockchain technology and Ant double chain technology should have different functions, but the same goal, in this case, the adoption of the Blockchain into the Alibaba platform.
Ant Blockchain technology will take in charge software and network development, big data services, financial and technical consulting.
While in parallel, Ant double chain technology will be fundamentally focused on financial-related products like financial information, data services, and supply chain management.
Bringing Crypto Aboard
The project show the e-commerce giant’s will to adopt Blockchain on its platform, meaning that the company will bring cryptocurrencies to its online services.
The adoption of Blockchain and cryptocurrency implies lower fees and reaching more people all over the world. In this case, these are people who usually don’t have access to the traditional banking systems.
The enablement of this class of individuals to make transactions via their phone and use the online retailer’ services is the advantage that crypto has brought to fintech.
Jack Ma Speaks
As Jack Ma, the executive chairman of the company said:
“Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination.”
Te adoption of blockchain by Alibaba would have considerable impact not only for the online retailer but also for the overall Blockchain industry.