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WIC Wuzhen Summit: Ant Financial Shows off its Blockchain Results

On the morning of December 3, the Fourth World Internet Conference (hereinafter referred to as the “Conference”) opened in Wuzhen, Zhejiang. This year saw the attending of more than 1,500 guests from all over the world. The common theme is: “Developing the digital economy, promoting openness and sharing – join hands to build a community with common destiny.”

The Internet conference can be said to be “sparkling with stars “, “shadow seeking”, “unmanned express delivery car”, “hacker defense system”, “translation gloves”, “medical guide robot” and other popular technical achievements appeared at this meeting. However, compared to this kind of exhibition-style briefing, Ant Financial left people a deep impression by integrating the results of the blockchain into the life of the entire conference and its participants.

From credit-based free umbrella renting, credit-based power bank renting to credit-based card-free book-borrowing – during the Fourth World Internet Conference, more than 100 outlets in the entire Wuzhen can rely on credit points to borrow and lend things. In addition, “no sense of payment” has also been applied in the parking, shopping and other sectors. Internet geek technology got a full debut in Wuzhen.

It is reported that this year, the Sesame Credit under Ant Financial Services added 64 power bank renting and returning outlets in the entire Wuzhen Xizha scenic area, located in two volunteers House, Wuzhen post office, Wuzhen Village Committee, and many BNBs, hotels and restaurants. As long as your sesame points stand at 600 points or more, you can borrow free of charge the power banks, and returning within 7 days to more than 200,000 “Jiedian”(a power bank renting service) outlets.
In addition, “no sense of payment” has been applied to the parking lot of Wuzhen Dongzha scenic area. As long as having tied the license plate to Alipay, you can smoothly drive out without the need to park and pay in cash, even without the need to take out your phone.

The smart device-based image recognition technology is behind the “no sense of payment” experience. License plate recognition and money deduction can be done in one run. Take Shanghai Hongqiao Airport Parking Lot as an example, as the first airport trialing “no sense of payment”, it shortened the exit time of each car from 10 to 2 seconds after adopting the method. Raising several times the efficiency of the whole parking lots of Hongqiao airport with up to 30000 daily traffic.

It’s understood that bio-recognition is one of Ant Financial’s key technologies. In Oct.2017, Ant Financial set up ZOLOZ, a global credible ID platform orienting at opening to the world advanced financial-level bio-recognition technology. ZOLOZ uses the technology to help the users with the “who are you?” problem in digital age. It’s the first independently operated technology platform incubated by Ant Financial.

All the results above have blockchain as the basis. Blockchain has become one of the key areas on government planning level.

Blockchain can be understood simply as a ledger that is publicly maintained by all the participants. The publicity of the ledger enables all the participants to verify the correctness of a transaction or bookkeeping, making the ledger immutable so that blockchain can become a trustworthy bearer of all the participants.

In early Aug.,2016, MIIT CESI(China Electronic Standard Institute) collaborated with several private enterprises on compiling the “White Paper on China’s Blockchain Technology and Application” to set industry standards and two-year plan for developing the China Blockchain Technology and Industry Development Forum.

At the time, MIIT Information and Software Dep. Entrusted CESI with the collaboration with Leshi Financial, Wanxiang Holdings, Webank, Ant Financial and Ping An insurance and others to develop the research on blockchchain technology and application trend.

Wanxiang Holdings and Webank speed up blockchain technology layout

It’s no exaggeration to speak of Wanxiang as China’s No.1 in blockchain industry.

Back in Aug.2015, Wanxiang Group set up Wanxiang Blockchain Lab, making it the first institute on accelerating the application of blockchain technology. The Initiator of the Lab is Xiao Feng, deputy board director of Wanxiang and some significant participants of the blockchain industry. It can be said that Wanxiang introduced blockchain to China.

Wanxiang once acknowledged in 2016 that it had set up a VC fund worth 50 million USD for investing in blockchain or relevant projects. Up to early 2017, 23 startups got the investment of up to 20 million USD.

The invested enterprises cover 6 major application scenarios include cross-boarder remittance/transfer, intelligent securities, exchanges, luxury goods source tracking, supply chain, database management and enterprise-class blockchain solution suppliers.

On July 31,1017, Webank, Wanxiang Blockchain and Entvir jointly published the news of making the blockchain underlying platform BCOS (BlockChain OpenSource) developed together by the three completely open sourced.

According to the introduction, the demand for business sharing and transparency create a space for the distributed technology featuring open source to play a role. So much so that blockchain technology and distributed ledger gradually become the core representatives of cutting-edge technology.

In the former half of 2017, Wanxiang blockchain developed a Supply Chain Financial Services Platform on the foundation of BCOS to optimize the financing process of receivables. For suppliers, such a business platform can help shortening payment days, lowering financing cost and protecting the sensitive information during the purchase-sale process from being leaked. For financial institutions, such a platform can effectively eradicate sham transactions, thus the efficiency of operation and risk control being increased.

Entvir is also collaborating with an equity center to build a new-generation equity registration and service platform, also based on BCOS. Starting from equity registration business, the platform restructures the credit foundation of the enterprises, guiding the co-participation of public service and business organizations to form a new type of ecosystem for small, medium and micro enterprises.

Obvious projectization results of Ant Financial

On 31st, July,2016, Ant Financial’s CTO Chengli announced on 2016 Internet Finance Bund Summit that Ant Financial would try to apply blockchain to the scenario of public benefit. It listed the blockchain-based program titled “regaining voice for kids with hearing impairment” on Alipay donation platform, making each and every donation traceable.

Cheng noted that Ant Financial is just making a trial in public benefit sector. It will upgrade the blockchain application in public benefit sector and involve more philanthropic organizations and auditing organs.

Hundson Technologies under the flag of Ant Financial also developed a block-chain-based digital billing system.

After applying blockchain to public good and gathered a fund for kids with hearing impairment, Ant Financial started matching blockchain with insrance in Aug.29,2017 by helping the Trust Mutual Life open its first philanthropic donation account. Realizing the openness, transparency and immutability of each fund flow.

Same as Wanxiang, Ant Financial also chose open source

In Nov.2017, Ant Financial’s blockchain was used in food safety tracking and products authenticity tracing. Currently, the milk power produced in New Zealand, Australia and Maotai in China require nothing but a scan through Alipay to tell the authenticity. Different from the traditional way in which merchants input the catalogue information by themselves, blockchain enables multiple “bookkeepers” to do bookkeeping in a just, independent and immutable way.

Looking from the blockchain results up to date, Ant Financial is doing better. However, with the early-stage layout nearing end, the later-stage assault of Wanxiang can’t be neglected. Compounded with the explicit position of Tencent, a fantastic domestic blockchain battle is playing out.


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