[2016-07-12] China’s Internet Giant to Roll Out Blockchain Tech for Payments

Ant Financial, the online payments affiliate of Alibaba and the world’s second most valuable private technology company with a valuation of more than $60 billion, announced they are rolling out blockchain technology for payments.

Blockchain tech will be first applied to Alipay’s donation platform to increase transparency and provide a trust mechanism with each payment and spending of donations recorded on the blockchain.

Ant Financial further raised the concept of “patient capital” which was described by Thomas Friedman as having “all the discipline of venture capital — demanding a return, and therefore rigor in how it is deployed — but expecting a return that is more in the 5 to 10 percent range, rather than the 35 percent that venture capitalists look for.” A new model which, combined with a blockchain, may help non-profit organizations increase self-sufficiency and turn donations into a more sustainable endeavor.

http://coinjournal.net/ant-financial-blockchain-tech/

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