As the blockchain technology continues to grow and expand in different markets, many individuals and companies have developed an interest in the market. The blockchain industry is well established in the Chinese market. From being china's favorite technology, it has expanded into a world success. Recently, a giant Alibaba used blockchain as it joined in the celebration of China's Singles day this year. The Single's day is celebrated on November 11 each year for the last past decade.
Alibaba is celebrating the Single's day as a sales day together with happy singles as well as couples. During this year's Single's day, a couple of days ago, Alibaba generated sales amounting to $30 billion in one day, November 11, 2019. Apart from earning such a huge amount of money, the blockchain company set a precedent that will take shape in future celebrations of the Single's day.
A fintech firm of Alibaba, Ant Financial, used the blockchain tech to offer ID verification, supply-chain tracking, and supply-chain financing solutions during the celebrations. This helped in the elimination of counterfeit goods in the market. The day was an ideal opportunity for the company to experiment with its blockchain understanding.
Hong Kong remains as an ideal market for Chinese technology companies to test their blockchain tech despite the protests. Early this week, a giant tech company Tencent announced that it would be rolling out a new blockchain-based virtual bank in Hong Kong. Tencent has already been registered under the Futures Commission and Hong Kong's Security.
Hong Kong is trying to maintain the grips of its position as Asia's fintech hub. However, the Chinese government is investing in other tech centers and mainland businesses such as Shenzhen. The government is trying so hard to starve Hong Kong to the extent that the island might soon witness a recession. Despite all that, Hong Kong is fighting to remain competitive and innovative to remain relevant in the tech industry. In May this year, Hong Kong began issuing licenses for virtual banks to leading technology companies such as Xiaomi and Alibaba.
Tencent will be rolling out a blockchain bank in Hong Kong after forming a JV with the Industrial and Commercial Bank of China. The new blockchain bank will offer an invoice-financing platform and a supply chain with McDonald's. The virtual bank will have a huge customer-acquisition potential with the aid of Wechat, a platform used for all sorts of financial transactions.
As more blockchain-based banks are being developed, Alibaba might soon launch its blockchain online virtual banking solution. The company will ride on its advance e-commerce, its large market share, and its fintech firm, Ant Financials. The competition in China's blockchain industry is a race towards fintech supremacy.