E-commerce giant, Alibaba Group are planning on implementing blockchain technology. Back in December 2018, Alibaba Group announced an upgrade of its service platform to a cross-border supply chain platform with the use of IoT and blockchain technologies.
The vice president of Alibaba Group, Liu Song in an interview said that “the company is considering blockchain tech implementation for cross-border supply chains”. Song’s remarks were noted in an article published by China’s largest state-owned newspaper, People’s Daily, yesterday.
Reason For Blockchain Implementation
Song underlined that in the future, Alibaba can implement blockchain in complex supply chains to create a closed-loop ecological system that could be linked with local governments.
Alibaba 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.