HANGZHOU, 13 December 2018 – On December 13, Ant Financial announced that it has proposed, and is leading the development of the first financial blockchain standard for the Institute of Electrical and Electronics Engineers (IEEE), the world’s largest professional technical organization that develops industry standards across a broad range of technologies. The standard, called “Standard for Blockchain Use in Supply Chain Finance,” officially passed the expert review and project approval phase in early December 2018.
The standard that was proposed by Ant Financial define a general framework for deploying blockchain technology in supply chain finance and cover areas including the stakeholder model, typical workflow and the necessary technological and security requirements. The standard now form a key project within IEEE’s Hangzhou Blockchain Initiative Branch to be discussed at its meeting on December 21.
Ant Financial has been leveraging its expertise in blockchain technology to explore solutions for common problems in supply chain finance. Blockchain technology is poised to benefit the industry by reducing the cost of labor, increasing security and bringing transparency to the entire supply chain. Blockchain technology is also expected to enhance the financial capabilities of small and medium-sized enterprises by allowing them to receive supply chain loans more quickly and efficiently.
The development of the new financial blockchain standards is another important step towards broader application of this promising technology. Ant Financial has been accelerating the application of blockchain technology in recent months, deploying it in areas including cross-border remittance and product traceability. Earlier this week, Ant Financial announced the launch of a blockchain-based electronic invoice platform together with the Guangzhou Tax Service. The new platform aims to tackle the proliferation of fake invoices and improve the efficiency of financial auditing across all industries.