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

Stardew valley vs Minecraft | A detailed comparison between the two games

Today it is time for the most extreme Game comparison battle as we have two of the best video games in their...

ExtraTorrent Proxy Sites To Unblock ExtraTorrent (Latest Torrent Sites)

ExtraTorrents is one of the first sites a user visits to download torrent links. Lately, many users have faced difficulties while accessing...

Top 5 Productivity Tools for Remote Work

Permitting your individuals to work remotely can truly assume a major function in rousing and improving manager representative uniformity. Focusing on your...

8 farming Games like Stardew for windows, Nintendo, Play station and Xbox free and paid

The framer in you would be always craving for games like stardew valley. If you are looking for alternatives to stardew valley...

1337X Proxy Sites List (Sites Like 1337x| Unblock New 1337X.to Site)

1337X is one of the biggest torrent search engines of all time but due to the large number of users downloading content...

Popular

ThopTV – Download & install app Apk on Android, iPhone, iPad, iOS, MAC, PC, Firestick, FireTV

About ThopTV movies ThopTV has been around for many years, initially, a user could download the app for an Android Device directly through play store....

9 best ThopTV alternatives for free streaming and Live TV

Streaming apps like Netflix, Amazon Prime, Hulu etc have all become a household name, thus proving that the Internet is the new...

Mobdro – Download & install app Apk on Android, iPhone, iPad, iOS, MAC, PC, Firestick & FireTV 

About Mobdro Mobdro App is one of the latest introduction into the free movie streaming app market. Mobdro is rapidly dethroning some of the big...

Cyberflix TV 3.3.1 – Download Cyberflix App Apk on Android, iPhone, iPad, iOS, MAC, PC & Firestick

About CyberFlix TV CyberFlix TV is an online streaming app on which you can watch free movies and TV Shows. The app has been shut...

Kissanime|Download Kissanime App Apk on Android, iPhone, iPad, iOS, MAC, PC, Firestick, Roku

What is kissanime Kissanime is a free anime streaming website if you ask any anime lover about the best website to watch the latest anime...