The Launch of ZAN: Ant Group’s New Blockchain Service
Ant Group, the fintech affiliate of Alibaba, has introduced ZAN, a blockchain service designed for Hong Kong and overseas markets. As the CEO of ZAN, Zhang Hui stated at a conference in Shanghai, the platform offers a comprehensive range of blockchain application development products and services for both institutional and individual web3 developers.
ZAN aims to assist institutional clients in issuing and managing real-world assets in accordance with local regulatory requirements. Additionally, the platform provides technical products like electronic know-your-customer, anti-money laundering, and know-your-transactions services to strengthen the capabilities of Web3 businesses in customer identity authentication, security protection, and risk management.
Zhang emphasized the importance of addressing the bottlenecks and inefficiencies encountered during the application development process. ZAN is committed to investing in the research and development of Web3 technologies and products while offering extensive and reliable technical services to support the community. Collaboration with partners is also crucial to driving Web3 developments and innovations.
The Blockchain Drive in China
Despite the ban on cryptocurrency transactions in China, the country continues to demonstrate enthusiasm for homegrown blockchain technology and digital economies. Chinese tech giants like Alibaba and Tencent are actively involved in the development of their own consortium blockchains.
Ant Group, an affiliate of Alibaba, previously launched its blockchain brand, AntChain, in July 2020. ZAN’s technical services have been piloted by Ant Group since earlier this year. Notably, HashKey Group, a Hong Kong crypto firm, has adopted ZAN’s e-KYC feature for its identity data aggregator service.
Hot Take: Advancements in Blockchain Technology in China
China’s ban on cryptocurrency transactions hasn’t deterred the country from exploring and embracing blockchain technology. With the launch of ZAN by Ant Group, an affiliate of Alibaba, it is evident that Chinese companies are actively investing in the development of blockchain solutions. This demonstrates China’s commitment to fostering digital economies and staying at the forefront of technological innovation. By offering comprehensive blockchain services and collaborating with partners, Ant Group aims to accelerate the growth and adoption of Web3 technologies. The introduction of ZAN and similar initiatives underline the potential of blockchain to transform industries and drive economic progress.
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