Ant Group Announces Further Advance Towards Blockchain
After securing a regulatory nod from China’s watchdogs, Ant Group announces that it will continue to roll out blockchain-based products through the use of the company’s AntChain Network.
The digital platform will allow content creators to authenticate and verify their original works. Namely music, images, videos, and articles, through artificial intelligence.
With the similar mechanism used in cryptocurrency, the creator will upload work into the platform, and in turn, the service provider will verify whether the content is the only one that exists within the database.
After the verification, the content will be given a unique digital copyright certification. It will contain a virtual notary stamp, a brief description of the work, sealed with a cryptographic hash.
This acts as a more efficient method for creators. As tamper-proof certifications are submitted as evidence in the event of a copyright infringement case.
According to crypto news, Ant Group aims to cut the typically tedious and costly process of registering copyright by eliminating the need to hurdle red tapes that often comes with the traditional method.
As asserted by the company’s representative, AntChain will play a pivotal role in building trust among concerned parties. Moreover, it will work on solving problems present in the copyright industry more efficiently.
Additionally, during the trial period, the digital copyright distribution network, Shanghai C.C. Music Culture Co. Ltd will be one of the first partners to participate in the initiative.
Currently, the financial tech firm processes 10 million original works certified by the platform every day.
The firm expects exponential growth. As the company finally enters the public market with the world’s biggest IPO to date.
Ant Group’s Trust in Crypto
This is not the first time that the Chinese technology company ventures into the digital ledger. In the past, it worked for several blockchain-based projects in the past years.
In fact, Ant Group holds the title of the greatest number of patent applications uploaded into the crypto ledger from 2017 through June 2020.
The announcement of further penetration into the digital platform came just in time when the tech giant gets go signal for its dual listing in Hong Kong and Shanghai’s STAR Market.
Moreover, it is currently under the final stage of the preparations. The Ant Group is preparing for a $35 billion worth of initial public offering.
Lastly, proceeds will be used to support the company’s growing digital economy business, and the rest would go to R&D investments.
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