Internet Giant Alibaba To Use Blockchain In Supply Chains
Alibaba, the major online marketplace in China, is considering using blockchain to deliver goods across the border. This was announced by Liu Song, the company’s vice president, in an interview for People’s Daily.
According to the top manager, with the help of distributed ledger, Alibaba is planning to create a closed freight ecosystem, linked with the governments of the recipient countries. Besides, the technologies, such as blockchain and the Internet of Things (IoT), can be used at customs, in international and financial trade, Song added.
It is not yet known whether Alibaba will develop its own blockchain for supply chains or will borrow the technology from one of the fintech companies.
Last fall, the Chinese Internet giant filed an application with the US Patent and Trademark Office for a blockchain that would prevent the action of illegal smart contracts. The Alibaba experts proposed a method, by which authorized users can block suspect accounts, illegal transactions or undesirable interference in the distributed ledger operation.
Also, the company’s division Alibaba Cloud launched a blockchain-as-a-service platform to offer blockchain services to large enterprises in Europe, the US, and Southeast Asia.
The company does not speak about the issuance of its own tokens. At the beginning of the last year, it was rumored that Alibaba was planning to launch a digital exchange, despite the strict rules set by the Chinese regulators, but the corporation later denied this information. Also in 2018, Alibaba won a case against a crypto platform with a similar name Alibabacoin based in Dubai. The court forbade the Arab company to use this name in the United States.
Previously, Bahrain’s government started luring Indian blockchain companies.