Alibaba Leading Blockchain Development in China

May 6, 2019

E-commerce giant Alibaba is now among the companies with the most blockchain patents globally, with 43 patented applications relating to the technology filed in 2017. Jing Xiandong, CEO of Alibaba affiliate Ant Financial, went so far as to say, “[Alibaba is] the most patented company in the world of blockchain technology.”

According to a report on social crypto platform Smartereum, the company has also been proactively pushing forward with blockchain adoption, innovation, and partnerships with other firms, developing blockchain platforms to address pain points in many sectors.

In the area of food contamination, Alibaba inked an agreement with PricewaterhouseCoopers (PwC) to address food security issues in China using blockchain technology to track food products from the manufacturer to consumer.

The e-commerce giant, through its subsidiary Lynx International, is using blockchain-powered tools to monitor data in its international logistics services. Lynx has reportedly been successful in the adoption of blockchain technology to store immutable records relating to all logistics it has carried out, from transportation and customs to inspections and third-party verification.

Similarly, TMall, another business under Alibaba’s purview, has partnered with Cainiao to use blockchain to monitor shipments in more than 50 countries.

In the area of healthcare, Alibaba has entered a partnership with the Chinese government to use a blockchain-based platform that allows medical records to be shared among doctors with enhanced security and efficiency.

However, the company has indicated that it has no interest in cryptocurrency. Founder Jack Ma said, “We should be cautious about Bitcoin. Its underlying technology, however, is really powerful. I pay more attention to a cashless society and the blockchain technology.”

Source: smartereum.com

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