SUBSIDIARY OF ALIBABA GROUP HAS INTRODUCED A BLOCKCHAIN SERVICE FOR MONITORING THE SUPPLIES 

The Chinese financial firm Ant Financial, which is part of the Alibaba Group, has released the blockchain service DoubleChain Connection. It is designed for supply chain participants and allows the use of business transaction data to obtain financial services.

Within the framework of the project, a solution for blockchain integration into the supply chain was developed. The new service will allow supply chain participants, mainly small and medium-sized enterprises, to facilitate access to Ant Financial services. In particular, with the help of financial statements on the blockchain, firms will be able to receive loans for relevant business operations.

Ant Financial intends to promote DoubleChain Connection in various industries such as automotive, electronics and home appliances. Now the company is negotiating the use of a new blockchain service with several major players in these industries.

A large Chinese business is actively developing solutions based on blockchain technology. In autumn, the Financial Blockchain Shenzhen Consortium (FISCO), managed by Huawei Corporation and technology giant Tencent, introduced the blockchain network FISCO BCOS.