A Subsidiary of Alibaba Has Put Their Own Blockchain Up to Trial

 In Market News, Technical View

A Subsidiary of Alibaba Has Put Their Own Blockchain Up to Trial

Ant Financial, an Alibaba offshoot company has put to trial their very first blockchain remittance system. They sent a transaction in 3 seconds flat.

The company which was formerly known as AliPay, successfully transferred money between their own app in Honk Kong and the payment application GCash in the philippines.

This can be seen as an incredible growth in blockchain remittance happening in the Philippines today.

CEO of Ant Financial, Jack Ma had this to say:

“Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. Starting from Hong Kong, this service will be brought to the rest of the world in the future. Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination.”

The CEO has been a true believer of blockchain technology for many years now.

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