Alibaba Considers Using Blockchain to Handle Complex Supply Chains

March 23, 2019

Vice President of China’s e-commerce leader Alibaba Group, Liu Song, has disclosed that Alibaba is considering whether to utilize blockchain-based systems for complex, cross-border supply chains.

China’s largest state-owned publication, People’s Daily, released the news on March 6th, with Song saying that in the near future Alibaba may be using blockchain to manage supply chains with the aim to establish a closed-loop system, which can be linked with each local administration.

Song has also revealed to China Galaxy Securities, a brokerage and investment bank, that it is looking into developing innovations in the fields of Internet of Things (IoT) and blockchain applications, from trade finance and customs brokers to international logistics.

Blockchain technology is quickly becoming a solution to many companies’ supply chain issues, as blockchain can be applied to track data concerning logistics, transportation, and origins. Alibaba and its affiliate companies have been some of the leading organizations in China to seek ways to implement blockchain technology in their businesses.

Also, in December 2018, Alibaba disclosed that it has upgraded its services to include a cross-border supply chain platform by implementing IoT and blockchain-based innovation.

The cloud computing unit run by Alibaba Group, Alibaba Cloud, had also voiced its intention of expanding the company’s enterprise-level Blockchain-as-a-Service (BaaS) to provide services in major international markets spanning the United States, Europe, and Southeast Asia.

In October 2018, Alibaba Group filed a patent application for a blockchain-based system that will allow companies to freeze or suspend user accounts found to be carrying out illegal transactions, or intervening in a blockchain ecosystem.

Meanwhile, the World Trade Organization has recently published a report that emphasized the success of blockchain implementation in several industries, from logistics and transportation to cross-border trade finance.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us