Blockchain solutions provider Credits and cloud computing company Alibaba Cloud have partnered to develop solutions to address issues in the Chinese logistics market using blockchain. Several business models, including third party logistics (3PL) will be used to deploy the solutions.
The solutions include the use of frequency sensors to track shipping containers. Movements and status of the containers will be uploaded into the immutable Credits blockchain database.
Igor Chugunov, CEO of Credits, noted the need for new solutions for the immense logistics sector in China, stating:
“China is a thriving market of online purchased goods and the country is actively exploiting this segment. We have developed a lot of solutions that needed to be taken to improve a sector as diverse and immense as logistics in a country with a population of well over 2 billion.”
One of the solutions is the Smart Payment Service to provide secure transactions to parties involved in the delivery process, such as logistics providers.
The Credits platform’s secure smart contracts and immutable blockchain databases are advanced technologies that can create a reliable solution to various problems faced by Chinese logistics players. Yuli Bai, CEO of the Lenovo New Vision, stated:
“Actually, there are many aching problems in logistics right now. And blockchain offers the solution, it is the catalyst of global technology development today. Various operations can be easily reconfigured via Smart Contracts and Clouds, which is a great opportunity for customers to help themselves. Both customers and companies really get lots of benefits.”
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