ALIBABA CONTINUES TO ADOPT BLOCKCHAIN FOR PRODUCT TRACKING THROUGH ITS SUBSIDIARIES

TMall – owned by Alibaba – will be adopting blockchain technology to make international payments in its supply chain, as well as to track products throughout its distribution chain.

TMall’s intention to adopt blockchain comes as a result of an alliance with the logistics company Cainiao, of which Alibaba is also a shareholder, and which has recognised the potential of blockchain for international e-commerce.

The information, reported by the Xinhua news agency, has not yet been officially confirmed by the company. But it is alleged that distributed accounting technology could be used to record information concerning the import and export of products, such as country of origin, time of arrival at port, methods and time of storage and transport, as well as other aspects of this activity so important to China’s economy.

Although the blockchain concept is just emerging, it has a wide range of applications in the shipping supply chain. “We firmly believe it is an Internet-based technology, not a tool for speculating on assets”. said Tang Reng, Cainiao’s representative, in a rough translation of Xinhua’s press release.

As a mobile application for e-commerce, Cainiao is present in major cities in China, such as Shanghai, Shenzhen, Tianjin, Ningbo, Fuzhou and Guangzhou, among others. For its part, TMall allows blockchain tracking of nearly 30,000 products distributed across 50 countries, a Cainiao spokesman told SixthTone portal.

 

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Another major Chinese e-commerce company, JD. com, recently announced that it would be launching an accelerator for startups developers of Artificial Intelligence and blockchain, which will be called AI Catapult, and will allow startups to work hand in hand with consultants provided by this company to apply these technologies to the business scheme of JD. com, in addition to contributing with its scalability.

Initially, this laboratory will be supported by the Chinese FinTech company Bankorous, as well as the Bluezelle blockchain-based storage service, the CanYA Australian cryptomontage, the British Nuggets payment platform and the blockchain-based protocol for product verification, Devery.

Previously, JD. com had already announced projects related to the development of Artificial Intelligence and blockchain, having partnered with IBM, Walmart and Tsinghua University in support of tracking of food products in China, as well as managing a research institute for artificial intelligence at Stanford University laboratory for this branch of technological research.

Thus, China’s largest e-commerce companies are putting their efforts into developing a technology capable of revolutionizing capital transactions and information storage in a shared and transparent registry such as blockchain.


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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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