Blockchain to Spur Development of Trusted Apps

Photo credit: iStockphoto/marchmeena29

Small and micro enterprises (SMEs) and developers can now tap into Ant Financial’s proprietary consortium of blockchain technologies with OpenChain.

The blockchain platform will allow them to deploy smart contracts and decentralized apps (DApps) with higher efficiency and lower cost, claims the company

"Applications of blockchain technology have ballooned over the past few years,” says Jin Ge, general manager of blockchain platforms at Ant Financial. “Through the launch of the OpenChain platform, we aim to help one million SMEs and developers innovate and explore more use cases in the next three years.”

Ant Financial hopes through the platform to reduce development and deployment costs for SMEs and developers, allowing them to focus on product and service delivery.

On OpenChain, developers find dozens of modules and Ant Financial blockchain technologies that they can combine to build trust in multi-party collaborations. Such applications include supply chain finance, product provenance, digital invoices and charitable donations.

Trusted computing capabilities will enhance data security and protection for the apps running on OpenChain. A modular design also makes it easy for SMEs and developers to start with a basic app and upgrade later as the business grows.

WhiteMatrix, a provider of individual developer services and enterprise blockchain app development services, is one user excited about OpenChain prospects. They developed smart contracts for developers during the initial alpha phase in 2019.

“The platform offers efficient blockchain development services, facilitates cost-effective smart contracts, and lowers the entry barrier for developers," says Wu Xiao, the founder and CEO of WhiteMatrix. “Not only are OpenChain’s transaction speeds several times faster than public blockchain platforms like Ethereum, but the cost per transaction is only one tenth of others.”

Ant Financial Blockchain is the largest productivity blockchain platform in China with the ability to process and support one billion user accounts and one billion transactions every day. It has also topped the global ranking for blockchain patent applications for the past three consecutive years.

Photo credit: iStockphoto/marchmeena29