Ant Financial Developing Blockchain for Institute of Electrical and Electronics Engineers

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Ant Financial is leading the development of the first financial standard blockchain for the world’s largest professional technical organisation.

On 13 December Ant Financial announced that the blockchain technology under development for the Institute of Electrical and Electronics Engineers (IEEE)  already officially passed the expert review and project review phase earlier this month.

The technology conforms to the “Standard for Blockchain Use in Supply Chain Finance” proposed by Ant Financial, which outlines an overall framework for the application of blockchain technology to supply chain finance that encompasses the stakeholder model and typical workflows, as well as related technological and security requirements.

The Standard comprises a key part of the IEEE’s Hangzhou Blockchain Initiative branch that will be discussed at a meeting scheduled for 21 December.

“The development of the new financial blockchain standards is another important step towards broader application of this promising technology,” said Ant Financial in an official press release.

Earlier this month Ant Financial announced the launch of a blockchain-based electronic invoice platform in collaboration with the Guangzhou Tax Service, which seeks to address the problem of the  fake invoices as well as improve the efficiency of auditing processes.

Ant FInancial’s Alipay has also announced the provision of a new service for its insurance products that uses blockchain-based electronic invoices to reduce the time required for the reimbursement claims process to mere seconds.

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