Hangzhou launches e-seals via Ant Group’s blockchain

2020-7-22 14:42

Companies in Hangzhou can now access their electronic seals through the Ant blockchain.

Last week China implemented an electronic seal system which uses Ant Group’s blockchain – company seals, or chops, which are an integral part of the Chinese corporate world. The seal represents the business and gives considerable power to whoever holds it.

A seal is mandatory for any business to operate, since it is used to sign contracts, official company letters, and any legal documents. The integration of company seals into blockchain is a big step forward for this type of technology in China.

Individuals with malicious intent could forge or obtain the seal illegally and could ultimately represent the company, taking action on its behalf. The electronic seal was introduced in 2015, and was initially regulated loosely, revealing a huge vulnerability to forgery.

What part does blockchain play?

Through the implementation of blockchain technology, the seals are encrypted and can be accessed only by authorised individuals. Therefore, they are virtually tamper-proof – and earlier security concerns are addressed directly.

Blockchain technology could solve many of the issues that the traditional corporate processes face by reducing an overwhelming amount of paperwork and labour with minimal human error.

It was recently reported that the implementation of blockchain technology in Beijing has eliminated up to 40% of paperwork and fast-tracked economic recovery from the Covid-19 crisis.

The blockchain seal platform is currently only available for businesses based in Hangzhou and these companies must obtain them through government portals or Alipay.

Part of a national agenda

In 2019, President Xi Jinping featured blockchain development as one of the driving forces of Chinese technological advancements. Ever since then, its development and use has been prominent in the country.

The blockchain seal system is a positive step towards a largely integrated China, with Beijing reporting up to 140 government services in operation with integrated blockchain.

If the blockchain seal is to be successful, there would be a countrywide application of the system. China is considering licensing this technology to its neighbouring Asian countries which use similar physical seal systems.

One issue that China may face is the low level of trust that many of its neighbours have for the CCP, and Chinese technology. Nations which have exposure to South China have faced unrelenting harassment from Chinese interests both public and private, and this could prevent China from selling its technology to other nations.

The post Hangzhou launches e-seals via Ant Group’s blockchain appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Aragon (ANT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $8.7175
Капитализация $0 Rank 99999
Цена в час новости $ 1.7081 (-100%)

blockchain ant hangzhou group via launches e-seals

blockchain ant → Результатов: 53


Дочерняя компания Alibaba провела первые денежные переводы с использованием технологии Blockchain

Компания Ant Financial осуществила первые денежные переводы с использованием технологии Blockchain всего за три секунды. Сообщение Дочерняя компания Alibaba провела первые денежные переводы с использованием технологии Blockchain появились сначала на Freedman.

2018-6-25 19:46


Фото:

Offshoot of Alibaba Tests First Blockchain Remittance to Philippines, Aiming for Global

Alibaba subsidiary Ant Financial has trialled its first blockchain remittances, sending a transaction in three seconds, Bloomberg reports June 25. The company, formerly known as AliPay, completed a funds transfer between its AliPayHK app in Hong Kong and Filipino payment app GCash, its joint project with local telecoms company Globe Telecom. Part of a growing

2018-6-25 17:38


Фото:

Blockchain Remittance Corridor Opened to Philippines by AlipayHK

Ant Finance, the payment affiliate of Chinese e-commerce giant Alibaba, has launched a blockchain-based cross-border settlement service for consumers. According to a local news report, Ant Finance announced the blockchain remittance service at a press conference in Hong Kong on Monday, saying it will initially be rolled out for consumers sending funds between Hong Kong

2018-6-25 17:03


Фото:

AliPay CEO Jack Ma Confirms Successful 3-Second Blockchain Remittance

Jack Ma’s Ant Financial (AliPay) has revealed it has successfully trialled a new Blockchain remittance service which it plans to expand throughout the world. Ma: Blockchain Remittances Will Go Global As online news resource cnLedger reported on Twitter June 25 quoting Chinese cryptocurrency news media, the company formerly known as AliPay developed and piloted its “first blockchain-based electronic wallet cross border remittance service” between Hong Kong and the Philippines.

2018-6-25 13:00