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Alipay Eyes Blockchain Technology for Applications In A Production Level

April 19, Jiang Guofei, vice president of Ant Financial Services, disclosed that currently, Alipay’s charity platform, Ant Love, has applied blockchain technology comprehensively. In the near future, Alibaba group would attempt landing more production level applications in mutual insurance, food safety tracing and house lease tracing.8a43d150-db55-11e7-91af-f34de211f924_1280x720_133723 According to Jiang, in genera, launching a blockchain application in a production level is followed by a series of Proof of Concept (POC). Enterprises could made a DEMO to see if it works and do not have to worry about the poor processing capacity and other issues.

The concept of “production-level application” refers to applications with high flow requirements like Alipay. This kind of applications require high technical means to guarantee the stability of the services they provide.

Currently, there isn’t much large-scaled production-level applications based on blockchain technology. This is because the “limitations” of blockchain has not been fully resolved and breakthrough.

For example, the information protection issues in distributed ledgers; the information sharing issues between multi-chain platforms; Interoperability issues, performance issues in a WAN (wide area network) with thousands nodes. In order to solve these problems, actively participate in the major blockchain alliance launched by banking industry would be an good idea. In the meantime,  stipulating industry supervision and corresponding technical standards, setting rules for the game in this industry, guiding supervision and formulating new rules for financial system would be the top priorities.

Jiang Guofei believes that the biggest challenge is not in the technology itself, but the “consensus”.

“Blockchain solves the problem of trust. To solve a trust and benefit coordination problem, the first step would be bringing more participants in and that would be the establishment of a consortium blockchain. That is also the main impediment of the delay in many application scenarios” He said.

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  • Kingstoken
    4 months ago Kingstoken

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