Home Blockchain Alibaba aims to use Blockchain Technology in Complex Supply Chains

Alibaba aims to use Blockchain Technology in Complex Supply Chains

On Wednesday, March 6th, according to a report published by China’s largest state-owned newspaper, People’s Daily, in an interview, Liu Song, vice president of Chinese e-commerce giant Alibaba Group, said in an interview that the company has held advanced talks regarding blockchain tech implementation for cross-border supply chains.

According to Song, he said that in the future, the company can have several use cases of the blockchain technology as it can implement the technology in complex supply chains to create a closed-loop ecological system that could be linked with local governments.

Furthermore, speaking about brokerage and investment bank China Galaxy Securities,  Alibaba said that it plans on developing new technologies such as the Internet of Things (IoT) and blockchain in the fields of trade finances, international logistics, and customs brokers.

Notably back in December 2018,  Alibaba Group went on to announce an upgrade of its service platform to a cross-border supply chain platform with the use of blockchain technologies and IoT.

Alibaba has backed the Blockchain technology since quite a while as back in October 2018,  the company filed a patent application demanding a blockchain-based system authorizing parties to intervene in a blockchain network or freeze user accounts associated with illicit transactions.

Significantly, not long ago, a report was published by the World Trade Organization which determined the effectiveness of blockchain applications for several industries, that included, cross-border trade logistics, finance, and transportation.

 

mm
Safdarali Rizvi
Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities drives him to enlighten the entire Geekymint team with exclusive and intriguing news. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Bitcoin crosses $10,000 for the first time since mid-February

Amidst bullish sentiments that digital assets will continue to benefit in this ongoing monetary stimulus and unprecedented, the world’s largest cryptocurrency yet...

4 fixes to use if GeForce Experience won’t open

NVidia GeForce Experience won’t open on your computer? If you are one of those several Nvidia GeForce users who is facing this...

Detailed Guide on Vulkan Run Time Libraries

Many Windows PC users come across Vulkan Run Time Libraries on their PC. If you are a Windows PC user who wants...

How to download and install latest version Megabox HD APK 1.0.5 for free

MegaBox HD APK is one of the biggest Android only streaming apps that allows you to watch TV Shows and Movies for...

Samsung announces the integration of its Blockchain wallet with Gemini App

Earlier today, Samsung announced that it would be integrating its highly anticipated blockchain wallet that can also be used for buying and...