Liu Song, vice-president of the Chinese e-commerce giant Alibaba Group, said in an interview that the company is considering blockchain tech implementation for the cross-border supply chain. In an article published Wednesday, March 6, by People’s Daily, China’s largest state-owned newspaper, the song’s remarks were taken into account.
The song underlined that in the future, Alibaba could implement Blockchen in complex supply chains to create a closed loop ecosystem, which can be linked with local governments. According to extended commentary by Song Brokerage and Investment Bank China Galaxy Securities, Alibaba has also planned to develop new technologies such as Internet of Things (IoT) and BlockChain in the areas of customs brokers, international logistics and business finance.
Back in December 2018, Alibaba Group announced the upgradation of its service platform into cross-border supply chain platforms using IoT and Blockchain Technology.
As the Quotegraph reported on October 25, Alibaba Group’s Cloud Computing Arm, Alibaba Cloud, extended its enterprise-level Blockcon-A-A-service (BAAS) to major international markets including Europe, the United States and the South East. To declare its purpose. Asia.
Earlier in October, Alibaba Group had filed a patent application for block-based system, which authorized parties to freeze or freeze user accounts associated with illegal transactions, or intervened in a blockchain network, Cointelegraph wrote on October 5.
Recently, the WTO published a report outlining the effectiveness of Blockchain applications for many industries, including cross-border trade finance, logistics and transportation.