China’s Alibaba Group has come up with a blockchain specialized company. On Tuesday, Alibaba’s ANT, the financial services arm of the Alibaba Group, announced that it has launched a blockchain based money transfer service . The company, which nestled in Shanghai Huangpu District, is one of the two blockchains established by Hangzhou Future City Ltd., as a wholly owned subsidiary of Ant Financial last year.
The other one is Ant Dualchain Technology. Ant Financial also plans to expand its financial management and fin tech business through these subsidiaries. It should be noted that Ant Blockchain Technology mainly focuses on developing block-chain specialized software, big data services, and selling hardware for PCs. Moreover, the company plans to expand its business in a wide range of block chains, including consulting, technology transfer, and corporate management consulting. cargo and technology import and export business is also going to be engaged in upcoming years.
The major focus of Ant Dualchain is on technologies used for manufacturing SME supply chain management loans and the purpose of helping high-efficiency trading of the upper and lower supply chain. Alibaba is focusing more on the block chain, artificial intelligence and Internet (IoT) technologies, and Ant Financial, a group affiliate, leads the block chain business to enable trading in more decentralized and convenient way.