The world’s biggest fintech company says that it will make widespread use of blockchain technology on China’s Double 11 online shopping day in order to track products and prevent fraud.
“On this year’s Double 11 day blockchain will be used to track a huge number of overseas and domestic commercial products – it will be the same as attaching places of origin and product information to each item,” said Ant Financial director Eric Jing Xiandong (井贤栋) at the 2nd Qian Tang River Forum (钱塘江论坛) in Hangzhou at the start of November.
Jing said that Ant Financial was already exploring the large-scale commercial appellations of blockchain technology with the launch of its own independently developed blockchain finance-grade platform.
“We have already developed a blockchain-as-a-service (BaaS) platform ourselves, and not only have a base-level platform but also have an open platform on top.”
Jing also highlighted Ant Financial’s successful implementation of the first blockchain-based cross-border remittance between Hong Kong’s AlipayHK and Gcash in the Philippines.
“This technological breakthrough will be replicated in even more markets, and will enable users around the world to enjoy more safe, convenient, and low-cost remittance services,” Jing said.
Ant Financial’s original parent company Alibaba recently emerged as the biggest private applicant for blockchain-related patents in 2017, account for over 10% of the global total, and has also launched a new blockchain lab at its Damo Academy.