Ant Group, a subsidiary of Alibaba and one of the world’s largest fintech companies, has announced plans to launch a Web3 open consortium test chain that will be compatible with Ethereum. According to local media outlets in China, Guofei Zhang, Ant Group’s vice president, made the announcement at the Ant Group Digital Developer Forum in Hangzhou.

The new blockchain platform will reportedly support multiple institutions and is expected to offer high levels of scalability, with ten thousand nodes and hundreds of thousands of TPS (transactions per second) capability. It will also feature a PB-level ledger storage and data processing ability, and an open-source cross-chain bridge protocol called Ant Chain Bridge.

Ant Group has a strong track record of implementing blockchain technology in various fields, including finance and logistics, by collaborating with external partners. This latest move is part of its ongoing efforts to explore the potential of blockchain and expand its use cases.

The announcement comes at a time when blockchain technology is increasingly being recognized as a powerful tool for solving real-world problems and building trust. According to Vice President Zhang Guohui, blockchain technology’s value lies in its ability to solve social problems, rather than in speculation.

As such, the new blockchain platform could have significant implications for a range of industries in China, particularly in the financial sector. Given the strong presence of Ant Group and its parent company, Alibaba, in the Chinese market, the new platform is expected to leverage existing services to offer a seamless user experience.

While the launch of the new platform is still in the testing phase, it represents a significant step forward in the development of blockchain technology in China. With Ant Group’s expertise and resources, the platform has the potential to drive innovation and create new opportunities for businesses and consumers alike.

Source: https://azcoinnews.com/ant-group-announces-plans-to-launch-ethereum-compatible-blockchain-platform.html