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Vandana Malik
Apr 16, 2020

Ant Financial Announces OpenChain Blockchain Platform for SMEs

Ant Financial
Ant Financial which is a subsidiary of China-based Alibaba group has just announced the launch of an OpenChain Blockchain platform. This will be specially developed for small and micro enterprises (SMEs). Now, with the help of this SMEs will be able to use the blockchain applications that too at less cost.

This project was revealed by the firm a few months back and since then only they have been working on its development. Jin Ge, general manager at Ant Financial has said that the main aim of the firm is to provide help to the SMEs and other innovative developers.

Ant Financial Blockchain Protocol based on Ethereum’s version

This project will provide a lot of ready-made distributed applications or dApps. These will cover different areas like electronic bills, decentralised games, supply chain finance and a lot more.

The blockchain protocol of Ant Financial is much more like or you can say based on a particular version of Ethereum. This could be said because it also has a concept of gas which is there in Ethereum’s processing. It has also been revealed that this new project by Ant Financial will also support solidity and other smart contract languages.

Even though it is slightly based on Ethereum but OpenChain will have a lot of other features also. It will also consist of features related to performance improvement and privacy protection as well.

OpenChain supports up to 10 transactions per second

As it has been mentioned earlier also that there will be features to enhance the performance, this will also include the speed performance also. It has been revealed that OpenChain will be able to support up to 10 transactions per second in its Professional edition. While in Enterprise edition, it will support up to 100 transactions per second. If we see Ant Financial itself then it is claimed to be capable of 10,000 transactions per second.

It is not only Ant Financial as there are other enterprises also which are moving towards this direction. A blockchain service network has also been launched which is having support from WeBank.

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    Ant Financial Announces OpenChain Blockchain Platform for SMEs
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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