The Chinese digital company Alibaba continues to enter the world of blockchain. The Alibaba-owned e-commerce platform TMall 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 considered blockchain’s potential for international e-commerce.
The information, disseminated 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 maritime supply chain field. 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 among 50 countries, a Cainiao spokesman told SixthTone portal.
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 favor of the traceability of food products in China, as well as manages a research institute for artificial intelligence next to the laboratory of Stanford University 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.