Alibaba Becomes an Official Partner of the Hangzhou Asian Games by Signing a Blockchain Contract

On December 10, the organizing committee of the 19th Asian Games Hangzhou 2020 announced that Alibaba had become an official partner of the Hangzhou Asian Games. During the signing ceremony, the Hangzhou Asian Games Organizing Committee and Alibaba signed the contract that uses the blockchain-based trusted evidence preservation technology of Ant Financial. This marked a first for a major international sporting event.

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In three years, Hangzhou, “the first digital economy city”, will be the first host city of the Asian Games to use blockchain technology. This shows how Ant Blockchain is continuously expanding the boundaries of blockchain commercialization, from exploring more than 40 specific applications to building an ecosystem platform.

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During the past Double 11 Shopping Festival, Ant Blockchain technology was used to ensure genuine product traceability, protect original “seller shows”, provide lending services for small merchants, and support global trade. With tens of thousands of small enterprises that apply for identity authentication on the blockchain in order to engage in cross-platform business, the approval process that previously took several days now shrinks to five minutes. This demonstrates how blockchain greatly improves the efficiency of global trade.

From the Double 11 Shopping Festival to the Asian Games, Ant Blockchain now involves in all aspects of industry and urban life. Powered by Ant Blockchain technology, urban life in Hangzhou and other cities is changing.

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In the future, Ant Blockchain will continue to provide comprehensive digital solutions for different industries, so that blockchain can truly take root in the real economy and drive economic and urban development through technology. This will also bring new opportunities and growth to Hangzhou and the sports industry.

“Generally speaking, the industry is still in its infancy. However, we firmly believe that, in the future, blockchain will change the way we live and do business as profoundly as mobile payments. It will become the infrastructure of the digital economy.” — Jiang Guofei, Vice President of Ant Financial and President of Ant Intelligent Technology

Download the Big Data and Blockchain: Innovative Fintech in the Cloud whitepaper to learn about Alibaba Cloud’s technological innovation in financial services and how it is driving transformation in the Fintech sector.

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