Category Archives: Ant Financial

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Alibaba’s Ant Financial Closes $10 Million for Blockchain Privacy Startup

Alibaba’s Ant Financial Closes  Million for Blockchain Privacy Startup

Alibaba’s business affiliate, Ant Financial, has sealed a USD 10 million Series A round for Qedit, a platform which provides solutions for safeguarding privacy on the blockchain.

In its press release, Qedit officially announced partnership with many companies including one of the highest valued fintechs, Ant Financial, software giant, VMware, and RGAX, subsidiary of Reinsurance Group of America.

Qedit uses a standard zero knowledge proof (ZKP) cryptography to implement privacy protection of the data. This technology will be incorporated by the partner companies at a commercial level.

Jonathan Rouach, CEO and Co-founder of QEDIT, said,

“Today marks a major step in fulfilling our vision to enable secure collaboration between companies using sensitive data. Working with VMware, Ant Financial and RGAX will help us showcase the value that Zero-Knowledge Proof cryptography can offer on an enterprise level, across different industry verticals.”

He further stated:

“Closing our investment round at USD 10 million is a significant vote of confidence from leading investors. Developing partnerships that showcase the QEDIT privacy layer is key to achieving our overarching goal of boosting blockchain adoption among enterprises globally. Our partners share our vision for blockchain innovation to deliver higher levels of privacy and security. As such, these partnerships are a natural fit for QEDIT’s privacy solution for enterprise blockchain”.

Led by MizMaa Ventures, a lot of other companies including RGAX, Meron Capital, Collider Ventures, Jovono and Target Global were seen investing in the Series A round.

The Vice President of Ant Financial, Geoff Jiang commented on the need for data privacy and security in the finance sector. In collaboration with Qedit, Ant Financial is determined to provide robust privacy measures as part of the Blockchain services.

These investments will help in Qedit’s expansion towards a highly secure privacy module.

Enterprise blockchain designers face a conundrum while building projects. A balance has to be maintained between transparency and data protection. These privacy solutions come a long way in doing the needed without affecting the benefits of blockchain.

 

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Australian Beef Heading to Shanghai on the Blockchain

Australian Beef Heading to Shanghai on the Blockchain

An Australian logistics insurance company is to partner with blockchain platform BeefLedger on a pilot to test supply chain tracking for beef exports to Shanghai.

National Transport Insurance (NTI) has over 45 years of experience and is Australia’s biggest truck insurer. It established the internationally recognized National Truck Accident Research Centre (NTARC) which provides critical data and insight into serious heavy vehicle crashed via the Major Accident Investigation Report.

With BeefLedger, the aim is to improve food safety, export security and animal welfare in Australia via a DLT platform which will monitor and track supply chain performance. As an insurance company, NTI has acknowledged the advantages of mitigating supply chain risks and eliminating risky insurance commitments.

The final destination for the Australian beef is Shanghai, China where the meat will arrive frozen after being sent from a plant in Casino, New South Wales after receipt of cattle direct from South Australia. NTI CEO Tony Clark commented on the pilot:

“We’re excited by the prospects this presents across several streams of Australian industry: agriculture, animal welfare, transport, and logistics. While it’s early stages, we’re optimistic of the outcomes and learning, and what it potentially means for Australian suppliers, exporters, and consumers.”

Australia is currently the world’s largest beef exporter behind India and Brazil and as such, a major blockchain trial such as this could have major implications for both logistics and insurance with regard to supply chain management in the future, particularly in the way that new technologies are added on. Australia currently has 45,000 active cattle producers around the country.

BeefLedger chairman Warwick Powell stated the China effect, just has it has done in the exploration and mining of Australian minerals, is equally responsible for the spike in demand for beef products by the Chinese public as the economy increases in value. He claims that the Chinese have been increasingly cautious about maintaining ethical practices regarding the transportation of livestock:

“Research shows us that ethical standards and concerns for animal welfare, along with authenticity and proof of product origin, are amongst the top priorities for Chinese consumers. It’s also what’s driving consumer interest in Australian produce.”

Food fraud has been an issue in China including rice, also resulting in a collaborative merger this time between the Wuchang municipal government in the northeastern Heilongjiang province of China with Ant Financial and Alipay, using blockchain to monitor products after fraudulent rice sales activity in the region.

 

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