Alibaba’s Ant Financial to Open a Blockchain Backend-as-a-Service Platform

Alibaba's Ant Financial are Launching a Blockchain Backend-as-a-Service Platform

One of the affiliate companies of the Chinese e-commerce behemoth, Alibaba, Ant Financial, is getting set to launch a Bockchain-based Backend as a Service (BaaS) platform. This is according to a local news media outlet, China Money Network who reported on this development on September 21st.

The announcement was supposedly announced by Jiang Guoefei, the vice president of Ant Financial during the Ant Technology Exploration Conference (ATEC) in Hangzhou yesterday. This new Backend as a Service platform is expected to la unch in conjunction with an enterprise focused “Ant blockchain partner program” which will reportedly enable both small and medium scale businesses to implement and innovate new blockchain solutions.

This announcement coalesces with the comments made by Gueofei, who referred to it as a move to ‘open up' Ant's previously in-house technologies to the broader, international commercial sector:

“In the past two years, Ant Financial has been working on two aspects about blockchain. One is to improve the technology, and the other is to open it up and accelerate the commercialization of blockchain applications.”

As a part of its ongoing push to commercialize its technology, Ant Financial initially trialed its first blockchain remittance system earlier this year, using its newly-adopted blockchain based electronic wallet which is used for cross-border remittance services. This initial trial demonstrated a transfer of funds between Ant Financial's AliPayHK, which is the Hong Kong-based version of Ant's popular mobile payment system, AliPay, and the Filipino payment app, GCash.

AliPay has indicated that it is increasing its involvement in the world of blockchain, this is according to Jack Ma, the founder of Alibaba. Ant Financial, very recently, has secured more than $14 Billion in funding for the development of this technology this June.

According to newly published data from Late August, which revealed that Alibaba had sealed first place on a global level on a new list which ranked various entities by the number of blockchain related patents filed to date; At the moment, the multinational e-commerce giant has filed more than 90 such patents, which has far outstripped the likes of IBM.

Regardless, Ma delivered a strong keynote lecture from early this month, during which, he noted that blockchain is one of a series of advanced and disruptive technologies which still need to improve the way the can help to evolve areas of the world, taking it in a “greener and more inclusive” direction.

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