Chinese e-commerce heavyweight, Alibaba is making active plans to integrate the revolutionary distributed ledger technology into its operations to simplify its complex cross-border supply chains according to reports published March 6, 2019.
Alibaba to Enhance its Supply Chain with Blockchain Technology
Per sources close to the matter, Liu Song, vice president of Alibaba Group, has revealed that the company is planning to implement blockchain technology for international supply chains.
Specifically, the VP reportedly stated that developing a highly functional blockchain solution will enable the firm to have a secure and closed-loop system that could be linked with local governments.
Interestingly, Alibaba has also reportedly hinted that it’s also pondering on developing other new technologies like the Internet of Things (IoT), artificial intelligence and more.
Alibaba Has Huge Plans
It’s worth noting that Alibaba in December 2018, Alibaba announced the upgrade of its foreign trade integrated service platform to a cross-border supply chain platform.
At the time, Wang Tiantian, head of Alibaba’s cross-border supply chain products, told local news source that the firm upgraded its foreign trade integrated service platform in a bid to reduce logistics cost by 10 percent.
Yu Yong, vice president of Alibaba Group and co-general manager of the International Trade Department of SMEs, also noted that the new platform would alleviate the sufferings Small and Medium Enterprises pass through in the manufacturing industry.
“The core competitiveness of China’s manufacturing future will be diversified, differentiated and segmented products, which need to meet the individual needs of differentiated consumers,”
Yu Yong said.
As reported by Bitcoin Exchange Guide earlier in February 2019, Tmall Global, a subsidiary of Alibaba Group announced that it had launched a blockchain pilot that would trace imported goods and verify their authenticity.
The blockchain solution will make it possible for all the essential information concerning a product to be stored on a secure distributed ledger and allow consumers to view all details of the product via a QR code.
In related news, in September 2018, research report published by iPR Daily revealed that Alibaba had filed more than 90 blockchain patent applications, a strong indication that the firm is very much interested in the distributed ledger technology (DLT) ecosystem.
Notably, Alibaba has also had its fair share of turbulence.
Earlier in October 2018, Bitcoin Exchange Guide reported that Alibaba had won a preliminary court injunction against Alibabacoin, a cryptocurrency-based startup that allegedly used the former’s trademarks to publish promotional materials during its initial coin offering (ICO) campaign that generated more than $3.5 million.