E-Commerce Giant Alibaba To Implement Blockchain For Complex Supply Chains

The Vice President of the Chinese e-commerce giant Alibaba Group, Liu Song, in an interview, pointed out that the company is looking into the possibility of implementing blockchain technology for cross-border supply chains according to an article published by the state-owned newspaper People’s Daily that we are looking into further in our crypto news below.

Liu Song cleared out that in the near future, Alibaba can implement blockchain for the complex supply chains in order to create an improved closed-loop eco-system that can later be connected to the local governments. Alibaba also wants to work on developing new technologies such as the Internet of Things (IoT) and blockchain in the customs broker field, trade finances, logistics since Song has some extended remarks to investment bank China Galaxy Securities and brokerage.

Last year in December, Alibaba Group announced a massive upgrade to its platform for the cross-border supply chain platform after they decided to use IoT and blockchain technology. Also, the cloud computing branch of Alibaba Group known as the Alibaba Cloud announced that they are focused on expanding their enterprise as a Blockchain-as-a-Service to larger markets including the European one, the United States and Southeast Asia.
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Earlier in October 2018, the e-commerce giant filed a patent for a blockchain-based system that aims to authorize parties to freeze user accounts that are associated with illegal transactions. Finally, the World Trade Organization even published a report that outlines how the blockchain technology affects multiple industries including cross-border trade finance, transportation, and logistics.