Alibaba Group’s ZAN Sets the Stage for Advanced Web3 Solutions

Ant Group Digital Technologies, under the Alibaba Group umbrella, has introduced ZAN. The newly launched brand aims to cater to the needs of web3 developers, both individual and institutional, by providing blockchain development solutions.

The announcement took place at the Inclusion Conference on the Bund this year. ZAN’s focus lies in addressing challenges faced by the growing web3 sector. Two major concerns are regulatory compliance and security.

Drawing from Ant Group’s past experiences, ZAN has rolled out specific solutions for institutions. Their tools help in issuing and managing real-world assets (RWAs) on the blockchain. The intention is clear: simplify the integration of RWAs into the web3 space while staying compliant with local rules. However, the real-world effectiveness of these tools is still under observation.

ZAN has also prioritized security in its offerings. Solutions such as electronic know-your-customer (eKYC), anti-money laundering, and know-your-transactions are available. These features aim to assist companies in validating customer identities and managing potential risks. The ultimate success of these tools will hinge on striking a balance between robust security and user-friendliness.

For those in the web3 development world, ZAN presents a Smart Contract Review service. This service is engineered to improve application development by addressing security, performance, cost, and user experience. Additionally, ZAN has announced plans to offer remote procedure call node services, characterized by high performance, availability, low latency, and security. The goal? Facilitate the creation of decentralized applications (dApps). Yet, the effectiveness of these new tools in terms of efficiency and real-time tracking awaits third-party assessment.

Earlier this year, ZAN initiated trial runs of its services. By April 2023, HashKey DID became their inaugural corporate client. They chose to use ZAN’s eKYC solutions for their decentralized identity platform. The initial feedback leans towards the positive side, but a wider judgment on ZAN’s value and influence remains in the wings.

It’s important to highlight that ZAN’s technological advancements stem from the efforts of AntChain Open Labs. At the aforementioned conference, AntChain Open Labs also unveiled its open-source project named TrustBase.