Alibaba to use blockchain technology for international supply chain


Chinese e-commerce giant Alibaba plans to use blockchain technology for its international supply chain. Liu Song, vice president of Alibaba, regards the technology as being the perfect solution for the online retailer’s complex supply chains.

Blockchain offers Alibaba the possibility to set up a secure and closed system that is linked to local governments. The company also wants to use technologies such as Internet of Things (IoT) and artificial intelligence (AI) to improve its supply chains.

Jack Ma, Alibaba’s president and founder, announced late last year that he was already exploring bitcoin and blockchain in relation to his dream of a cashless society.

Blockchain gaining popularity

The use of blockchain technology for supply chains is gaining in popularity. In October, for example, IBM announced that it would use blockchain for the supply chain of food products. In November, TradeLens revealed its intention to use blockchain to improve supply chains in the shipping industry. And in mid-January, Ford and IBM unveiled their plans to utilize the technology in the supply chain for cobalt from Congo.

Source: Crypto Insiders