Chinese Ant Group-Owned Platform Launches New Blockchain Network

Science, technology and technology news

SHANGHAI, June 24. / TASS /. AntChain platform, owned by the financial and technology company Ant Group, has introduced its own network that will improve the interaction between different blockchain platforms. This was reported on Thursday by the Shanghai information resource “Pengpai”.

Dubbed the Blockchain Transmission Network (BTN), the network has broad connectivity in Shanghai, Zhangjiakou, Hong Kong, Singapore and Frankfurt, making it easy to use by blockchain platforms from China, Europe and Southeast Asia. The company also plans to open 16 more access points in the future.

AntChain in 2018 faced difficulties in cross-border transfers based on blockchain technology, so it decided to find a solution to this problem, the portal quotes the words of the technical director of Ant Group (part of Alibaba) Zhang Hui. BTN, in turn, said the head of AntChain Yan Ying, will significantly increase the throughput of blockchain networks, reduce costs by about 80% and reduce the delay in information transfer by 40%.

Ant Group started developing its own blockchain solutions in 2015. According to the resource, the company subsequently ranked first in the world for the number of patent applications in blockchain technology for four years in a row.

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