Ant Financial, an affiliate of China’s Alibaba Group, has been named as one of the members in charge of building the FinTech lab of the Massachusetts Institute of Technology (MIT), indicating that China’s block chain technology has been recognized by a world-renowned university, China News reported.

MIT recently announced that it would jointly launch the FinTech lab on July 18 with several top global tech companies, including Ant Financial, to deepen research in block chain development, privacy security, database and cryptosystem.

It's not the first time that Ant Financial has been awarded global recognition.

In the 2017 Top 100 Global Enterprise’s Blockchain Patent Ranking, co-released by IPRdaily and patent database incoPat, block chain patents from China-based enterprises accounted for 49 percent, followed by those from U.S.-based enterprises. Ant Financial topped the chart of global internet companies in number of block chain patents.

Ant Financial’s strength in block chain technology can be evidenced by its technological breakthrough and wide application.

Jing Xiandong, CEO of Ant Financial disclosed that their innovative algorithm can now help to process more than 100,000 transactions per second and they can fully protect the information security on block chains through digital encryption.

In addition, the enterprise has widely applied its technology to people’s daily life.

For example, Alipay introduced the block chain technology to its public service platform starting in March 2017, so that all money donated via the platform could be traced.

Consumers who buy products on Alibaba’s Taobao can also obtain information on the place of origin, date of production and logistics by scanning the QR code based on Ant Financial’s block chain technology.