Alibaba Switches Cross-Border E-Commerce to Blockchain

The company aims to improve its services and benefit both itself and the consumers.

0 1,058

T-Mall is the e-commerce platform of Alibaba and it is adopting blockchain tech in its cross-border supply chain. Therefore, Alibaba has partnered with logistics company Cainiao.

As China’s news agency Xinhua reported on Wednesday, the partnership’s aim is to move information on goods for export and import onto a blockchain. This way, it can track their shipping method and port, arrival port, country of origin, and customs report details as well. The new launch follows Cainiao’s belief (of which Alibaba is an investor) that blockchain has a great potential for cross-border e-commerce.

Further, the partnership covers many cities, such as Guangzhou, Shenzhen, and Shanghai. The consumers will be able to track the logistic information that is based on blockchain for some 30,000 different goods from 50 countries through the mobile application of the e-commerce.

The partnership also supports the latest move by Alibaba to improve customers’ confidence in dealing with counterfeit products.

Earlier last year, Alibaba has also collaborated with PwC in order to create a system that seeks to reduce food fraud using blockchain technology, dubbed Food Trust Framework.

More and more companies realize the benefits of the Blockchain technology

The companies and also the governments around the world have started to trust the blockchain tech. They constantly seek and try to develop ways in order to take the most out of it. If the example of Alibaba’s case proves successful, there is no doubt that many more companies will follow the same path.

Also read: EU, FATF and 35 Countries to Revise International Cryptocurrency Standards

You might also like