Vice president of the Chinese e-commerce Alibaba, Liu Song has made a public remark for the implementation of blockchain technology in its international supply chain, which was upgraded at the end of last year.
For the years to come, Song indicated that Alibaba can possibly deploy blockchain technology to create a closed-loop ecosystem which links itself directly to the states.
Additionally, in Song’s further remarks to Customs brokerages, the company has planned to develop new technologies systems such as the Internet of Things (IoT) platform and blockchain in Supply Chain fields for customs brokers, trade finances and global logistics
Earlier in February, China’s Tmall Global, Alibaba’s business-to-consumer (B2C) retail portal was reportedly testing a new blockchain-based, end-to-end traceability tool that can maximize tracking and transparency of its cross-border supply chain.
Recently, Global services firm Accenture teamed up with global giant firms including Mastercard and Amazon to build its blockchain-based circular supply chain, aiming at increasing the sustainability and fairness of global supply chain, reported by The Crypto Sight on March 1.