Chinese e-commerce giant Alibaba Group, is considering blockchain tech implementation for cross-border supply chains, said Liu Song, vice president of Alibaba Group, according to People’s Daily, a largest state-owned newspaper of China.
According to the report, Alibaba is planning to implement blockchain technology for cross-border supply chains to create a closed-loop ecological system that could be linked with local governments.
The Jack Ma promoted firm also plans to develop new technologies such as Internet of Things (IoT) and blockchain in the fields of customs brokers, international logistics and trade finances, according to Song’s extended remarks to brokerage and investment bank China Galaxy Securities.
Last month, Alibaba’s international online marketplace, Tmall Global, also announced that it had launched a blockchain pilot that would trace imported goods and verify their authenticity and fight food fraud.
In October, Alibaba has announced that its cloud computing arm, Alibaba Cloud, aims to expand their enterprise-level Blockchain-as-a-Service (BaaS) to major international markets including Europe, the United States and Southeast Asia.
In December, the company has also announced the upgrade of its foreign trade integrated service platform to a cross-border supply chain platform.
In India, cross-border wholesale business was one of Alibaba’s first businesses in the country and it has already invested over $200 million dollars in its cross-border wholesale trade business in India and according to a report by FactorDaily, the company plans to invest $1 billion over 4-5 years in the India operations of the same.
To recall, in January last year , IndianWeb2.com reported that how a cryptocurrency called TRON has a Alibaba connection as most of its members have been roped in from Alibaba, and also because TRON’s founder Justin Sun was the only millennial to attend Hupan University, an elite entrepreneur leadership program in China founded by Alibaba’s Jack Ma .
Top featured image – REUTERS/Bobby Yip / Source