AntChain blockchain development
AntChain is an enterprise blockchain platform owned by fintech corporation Ant Group. This technology brand is designed to combine all developments, applications and services of the company based on a distributed registry on one platform. Boosty Labs is the largest blockchain development outsourcing company in Europe. Its world-class fintech, cloud engineering and blockchain development team with a solid background of practice that combines consulting, strategy, design and engineering at scale, can help with AntChain development.
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AntChain Key Features
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Multiple Use Cases
AntChain supports over 50 use cases, including logistics and cross-border payments. The solution is capable of supporting a billion users and processing a billion transactions per day. The platform has been successfully applied in areas such as shipping, IT leasing, cross-border transactions, insurance claims processing, charitable donations and many others.
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BTN
AntChain is developing a high-speed and long-distance blockchain communication technology called the Blockchain Transmission Network (BTN). BTN increases the throughput and stability of blockchain data with the help of high-speed Internet technologies.
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MaaS
AntChain has developed an integrated computing module AntChain Module-as-a-Service (MaaS) for simplified blockchain deployment, which reduces the cost of deploying blockchain equipment and ensures the security and immutability of data transmission using technologies including digital signature in the source and integration into the cloud.
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Combining Technologies
AntChain integrates several technologies such as IoT, AI, blockchain and others.
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Targeting Retail Consumers
AntChain is a product for business customers, but the company does not forget about retail consumers. First of all, this is due to Chinese tourists who prefer to pay using Alipay.
AntChain Strengths
- AntChain Station
In addition to the AntChain platform, Ant Group also introduced the AntChain Station for corporate clients, which allows Ant Group’s blockchain applications to be integrated into the client’s business processes within one hour, while previously it took about 10 hours. The laptop-sized station features accelerated hardware encryption to keep your computing data private and has advanced security algorithms.
- Trusple Сross-border Trade Settlement Platform
AntChain is powered by Trusple, a cross-border trade settlement platform aimed at SMEs and financial institutions. Trusple allows sellers and buyers to place trade orders, on the basis of which the platform automatically generates smart contracts with all the necessary information.
- State Support
Ant Group has been investing heavily in the research and development of blockchain-based technologies since 2015. The PRC authorities strongly support the implementation of technology in digital finance. The authorities of many Chinese cities provide tax incentives to their technology vendors, including Ant Group.
- Rapid Expansion
Alibaba Group, with the close support of the state, brings AntChain not only to the domestic, but also to the international market. Ant Group’s expansion is supported by off-the-shelf and digital infrastructure in the form of Alipay and parent company’s cloud services, and a successful IPO allowed the corporation to raise enough money to implement such ambitious plans.
Ant Group, which operates the Alipay payment service and is part of the Alibaba Group, introduced the AntChain platform on July 23, 2020. The platform brings together all the blockchain services that the company sells to small and medium businesses.
Ant Group has been investing heavily in the research and development of blockchain-based technologies since 2015 to increase transparency and build trust in industries traditionally involving many participants and complex business processes. Back in 2016, Ant Financial created a private PoS blockchain for charity and started implementing DLT technologies into its processes
According to the company, the AntChain platform is the most productive platform in China and is capable of supporting a billion transactions and the same number of users daily.
Blockchain is one of the priority development areas not only for Ant Group, but for the entire Alibaba Group, which includes the fintech giant. Back in 2018, Alibaba founder Jack Ma said that blockchain, along with the internet, would change the global financial system in the next 20 years. At the same time, he stressed that Alibaba pays special attention to “three technologies: blockchain, artificial intelligence and the Internet of things.
Alibaba Group owns the majority of patents using a distributed ledger. Ant Group has registered more blockchain patents than any other Chinese company.
In July 2020, Ant Group entered into an agreement with the land department of the city of Zhuhai, located in Guangdong province and which is one of the seven “special economic zones”.According to the agreement, Ant Group will provide officials with a blockchain platform in which data on actions with land plots, credit history and mortgage programs will be exchanged.
The participants of the platform will be government agencies, banks and end users. The aim of the project is to digitize the entire process of buying plots and individual houses, while reducing the need for human intervention.
Cooperation with the Chinese state gives Ant Group the opportunity to increase sales of related products. Along with blockchain applications, Ant Group can also sell its cloud services. And collecting data from users of blockchain applications will allow Ant Group to increase sales of financial services to end customers. The administrations of some Chinese cities are opening industrial parks for the blockchain and are competing to attract specialized businesses there. For Ant Group, the lucrative deal also comes with tax cuts.
Putting its blockchain solutions into practice makes it easier for Ant Group to attract specialists. The company may hire programmers who are not experts in the distributed ledger, but they can gain experience in real work.
Along with the release of AntChain, Ant Group entered into strategic partnerships with Dell, Hewlett-Packard and Lenovo to provide AntChain IT leasing services to small and medium-sized companies. Earlier, the Chinese corporation had already entered into a similar agreement with Intel. Ant Group also founded the Ant Blockchain Open Alliance, where it invited business representatives and developers to form a community around its products.
The goal of Ant Group is not just to offer a stand-alone application, but to immediately provide the entire set of necessary solutions for any need. For example, many companies are already using Alibaba Cloud. Alibaba is on the list of organizations that will distribute China’s national digital currency. Ant Group has China’s largest workflow platform, which can process and maintain one billion user accounts and one billion transactions per day.
In the summer of 2020, Ant Group introduced a blockchain platform for cross-border trading and financial services. The new platform is called Trusple. It is based on AntChain’s own blockchain. By automating key aspects of the payment process, such as order placement and tax obligations, through smart contracts, Trusple aims to make it easier for small and medium-sized enterprises (SMMs) to sell their products and services to customers overseas.
The platform also reduces the costs of financial institutions, which are able to provide enterprises with better services.
To optimize cross-border processes, Trusple entered into partnership agreements with such large financial institutions as BNP Paribas, Citibank, Deutsche Bank и Standard Chartered Bank.
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