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Chinese Internet Giant Alibaba Launches Blockchain Subsidiaries
Alibaba, one of the most respected multinational companies out of China that operates in over 200 countries, has announced that two blockchain subsidiaries will now operate under the company.
Ant Financial Services, formerly known as AliPay, is the payments arm of the conglomerate, and the two subsidiaries are named Ant Blockchain Technology and Ant Double Chain Technology. The location of the subsidiaries will be in the district of Huangpu in Shanghai, a city that is steadily rising in terms of being recognized as a global financial center.
Ant Blockchain Technology will be focused on software development while Ant Double Chain Technology will explore how blockchain can be applied to supply chain tech and financial information services.
It’s no secret that some of the world’s most well-known tech companies are exploring blockchain pretty openly. Many believe that Facebook will be issuing its own cryptocurrency in months, for example. Alibaba adopting blockchain in some form or fashion can certainly help with regards to mass adoption, considering the company boasts over 600 million active buyers.
The company has long been interested in blockchain, and actually owns more than 10% of all blockchain patents. In fact, the company’s ambition with blockchain are no secret. The CEO of Ant Financial, Jing Xiandong, confirms that the company is “the most patented company” with regard to blockchain technology in the world.