Alibaba explores blockchain tech for Alipay’s cloud service

Alibaba has announced that it was considering blockchain technology for its cloud services platform.

The Hangzhou-based corporation has become increasingly interested in blockchain technology after observing the initiatives of leading financial organizations and institutions such as Nasdaq, which integrated blockchain applications into the conventional finance sector.

Ali Financial Cloud, a service of Alibaba Group, says that blockchain technology has the potential to provide the next upgrade of the financial industry, with its entrepreneurs experimenting with credit finance technology reconstruction and other infrastructure, which can “profoundly” affect and change financial transactional process.

Alibaba is the world’s seventh-largest Internet company and popular Chinese e-commerce corporation.