Alibaba, one of the most respected multinational companies out of China that operates in over 200 countries, has announced that two blockchain subsidiaries will now operate under the company. This according to a report from Asia Times, March 8, 2019.
By now, if you are either a cryptocurrency investor or an enthusiast, you are probably well-versed in the fact that China has not warmly embraced the cryptocurrency markets like some other countries have. However, that certainly doesn’t mean that they don’t believe in blockchain technology.
More specifically, one of China’s most well-known tech companies, Alibaba, has just launched two blockchain subsidiaries.
The announcement cannot be overlooked as Alibaba is widely considered one of the most important tech companies in the world. For those who are unaware, Alibaba is one of the largest retailers and e-commerce companies in the world.
About The Subsidiaries
Ant Financial Services, formerly known as AliPay, is the payments arm of the conglomerate, and the two subsidiaries are named Ant Blockchain Technology and Ant Double Chain Technology. The location of the subsidiaries will be in the district of Huangpu in Shanghai, a city that is steadily rising in terms of being recognized as a global financial center.
Ant Blockchain Technology will be focused on software development while Ant Double Chain Technology will explore how blockchain can be applied to supply chain tech and financial information services.
Potential Of Announcement
It’s no secret that some of the world’s most well-known tech companies are exploring blockchain pretty openly. Many believe that Facebook will be issuing its own cryptocurrency in months, for example. Alibaba adopting blockchain in some form or fashion can certainly help with regards to mass adoption, considering the company boasts over 600 million active buyers.
For an idea of just how influential the company is, it is commonly referred to as “The Amazon of China” and many consider the conglomerate to essentially be the gatekeeper with regards to the consumer market in China.
The company has long been interested in blockchain, and actually owns more than 10% of all blockchain patents. In fact, the company’s ambition with blockchain are no secret. The CEO of Ant Financial, Jing Xiandong, confirms that the company is “the most patented company” with regard to blockchain technology in the world.
Jack Ma, who is the founder of the Alibaba Group, and one of the most famous businessmen and philanthropists in the world, has openly praised blockchain. Notably, Justin Sun, the founder of the TRON Foundation (TRX) is the youngest individual to ever graduate from Jack Ma’s university, Hupan University, and is considered to be a “protege” of Jack Ma. Ma has publicly stated that “the impact of blockchain on the future of humans may be far beyond our imagination.”