Ant Financial, Alibaba Group’s fintech company officially announced implementation of blockchain technology into its main systems. Although few people beyond Asia are aware about Ant Financial, its payment system Alipay is one of the most popular payment systems in this region and the startup itself is recognized as the biggest in the world, its market cap is $150 billion. In fact, it is 1/3 of Jack Ma’s empire. The Director of Ant Financing’s Blockchain Department Zhan Hui said that blockchain was one of the most important technological development directions which the company considered to be a priority for formation of business basis in a long term-run. Fintech company is testing blockchain so far, but it is planning to implement it on a commercial scale. Zhan Hui highlights inamendability and decentralization technology, considering them as the most attractive ones. He claims scalability to be the main problem. Major companies will pay attention to this technology rarely until the processing speed reaches 10 000 transactions per second, but solving this issue is just a matter of time. |
