Its new platform “Trusple”, a contraction of “trust made simple”, is based on the company’s blockchain technology Antchain. Buyers and sellers can upload trading orders to the platform, which automatically generates a smart contract with information such as logistics. The banks of both buyers and sellers can then process payments using Antchain.
Ant has submitted the most number of blockchain patent applications globally over the past two years, according to patent database IncoPat. The technology, a digital ledger that forms the backbone of many crypto-currencies such as bitcoin, has seen a burst of interest in China since late 2019 when President Xi Jinping said the country should accelerate its development.