Alibaba Is Going To Launch Blockchain-Platform Called Baas

Ant Financial, the financial subsidiary of Chinese e-Commerce giant Alibaba and the highest valued fintech company in the world, and the world’s most valuable unicorn company, with a valuation of US$150 billion,  is launching the BaaS (Backend-as-a-Service) blockchain platform.

Jiang Guoefei, Vice President of Ant Financial, announced about the launching of news platform on 20th of  September at the conference Ant Technology Exploration Conference (ATEC) held in Hangzhou.

As part of its drive to commercialize the technology, Ant Financial conducted its first blockchain-based money transfers this summer using a newly developed blockchain-based money transfer system. During the procedure, the transfer of funds between AliPayHK via Ant Financial – version of the popular mobile payment application Ant Alipay – and the Philippine payment application GCash was demonstrated.

In addition, Ant Financial provided funding of $ 14 billion for the development of blockchain solutions. Most notably, Alibaba ranked first place  on a new list that estimated the number of Blockchain – related patents filed to date-the conglomerate filed a staggering 90 such patents, beating even IBM.