Home News Alibaba Group’s subsidiary released a blockchain-based supplies monitoring service

Alibaba Group’s subsidiary released a blockchain-based supplies monitoring service

Ant Financial, Alibaba Group’s financial arm, released DoubleChain Connection – a blockchain-based service designed for supply chain monitoring, as reported by BlockGlobe.

The project presupposes the merging of blockchain with supply chains. It will allow medium and small enterprises to get easier access to financial services provided by Ant Financial. For instance, recording financial statements on blockchain will lower down the barriers for getting credit.

Ant Financial plans to promote DoubleChain Connection in different spheres including automotive industry, electronics and household equipment manufacturing. The company is currently negotiating with several leading enterprises in the field.

Large Chinese businesses have been actively developing blockchain solutions. Back in autumn, Financial Blockchain Shenzhen Consortium (FISCO) presented FISCO BCOS blockchain network.

Last month, Huawei’s cloud solution arm launched a blockchain service for decentralized applications.