Ant Financial, Alibaba's [BABA:US] payment affiliate, has signed a strategic agreement with Chinese E-signature company BestSign to jointly launch the first blockchain powered E-signature platform in China, as reported by Securities Daily on November 8. The blockchain-powered platform will be widely used in a variety of applications, including financial, supply chain, rental, human resources, and more. Contracts such as investment agreements, labor contracts, and rental contracts will be processed through the blockchain platform.
Founded in 2017, BestSign is a Hangzhou-based online contract signature company that recently completed an USD45m series C round of funding in late August. BestSign processes over 300m transactions daily and has accumulated data from more than 500,000 enterprise users. Ant Financial has been searching for applied use cases for its blockchain technology and found a great use case with electronic signatures. The annual growth rate of China's E-signature market is more than 150%, according to iiMedia. In 2019, this market is projected to scale to RMB3bn (USD433m). BestSign has already reached strategic agreements with international tech companies such as Apple [AAPL:US], Oracle [ORCL:US], and Microsoft [MSFT:US]. In partnering with Ant Financial, BestSign hopes to tap into the global blockchain market, which is projected to reach USD13.96bn, according to ResearchandMarkets. The blockchain platform hopes to make it easier, safer, and more effective for users to sign contracts.