Business· Finance· Fintech

Ant Financial and Tungkong agreed to construct blockchain network

minutes 2018/09/19 08:31:33
China's Financial News, China News,  Ant Financial, Blockchain Network

Sep 19, 2018 (China Knowledge) - Tungkong Inc. <002117.SZ> has signed a cooperation framework agreement with Beijing Ant Cloud Financial Information Service Co. Ltd., to solve the problem of large-scale commercial application of blockchain.

Ant Cloud will provide relevant support based on its blockchain technology to Tungkong Inc. Both companies plan to jointly construct big data centers as the core, and carry out long-term and in-depth cooperation in "blockchain plus taxation" and "blockchain plus finance".

In order to optimize the "blockchain plus taxation" concept, they will use technology to develop and realize the issuance of blockchain electronic invoices. Ant Financial’s Alipay will be used to check the authenticity and traceability of such invoices.

In terms of "blockchain plus finance", both will use the technology to popularize the non-tax electronic billing. The same technology will also be used to search, confirm and trace the authenticity and source on Alipay.

In addition, they will cooperate to develop new products such as blockchain electronic contract, insurance policy and deposit certificate; and to establish a national unified management platform.

Tungkong Inc is in the business of journalism and publishing, its products and services are mainly used in the banking, insurance and other financial enterprises, government departments including finance and taxation, as well as enterprises and individual consumers.

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