Get trading recommendations and read reviews on Hacked.com for only $ 39 per month

Lynx International, a subsidiary of the Chinese e-commerce monolith Alibaba recently announced the successful integration of blockchain technology into the cross-border logistics business of the company. According to the company, its blockchain-based system keeps track of all relevant information regarding an imported shipment, including details on production, transportation method, customs, inspection and third-party verification. .

The technical leader of the company, Tang Ren, told a Chinese spokesman

“Although the concept of blockchain has only begun to emerge recently, it has a very wide range of applications.We firmly believe that it is a technology based on the Internet, not a tool to speculate on currencies. “

As is the case for any blockchain-based system, once the data has been recorded, it can be retrieved and examined, but not modified under any circumstances. The immutability of the Blockchain is one of the main reasons why it has been used overwhelmingly in crypto-currencies. Thus, by extension, any system using technology can enjoy the benefits of security and nature without trust.

Alibaba’s incursion into blockchain technology does not necessarily indicate that the company has a weakness for cryptocurrencies. In December 2017, the founder of the company, Jack Ma, declared that while he had no personal or business interest in the asset class at the time, its company significant advances in blockchain technology. The announcement of Lynx is probably one of the first results of the Alibaba incursion into the field.

Since Alibaba owns Taobao and AliExpress, two major online buying sites serving China and the rest of the world respectively, it makes sense that the parent company is trying to streamline its process logistics. Parallel to the import activities, Alibaba also launched blockchain-based programs for industries healthcare and food quality control ] .

Some media reports indicate that the Taobao mobile application has been updated with links to “See Product Logistics Traceability Information” at the bottom of some articles. When you click on it, all available information for the product will be displayed, presumably allowing the user to ensure that the item in question has been imported from a legitimate source.

Up to now, it is estimated that more than 30,000 goods imported from the ports of Shanghai, Shenzhen, Guangzhou, Hangzhuo and Tianjin, among others, were registered in the blockchain system of 39, ;business. Tang also confirmed that the process of tracking information begins even before the products reach the country. He declared,

“When these goods are shipped overseas to China, logistics data has already begun to appear in the blockchain.”

Image of Shutterstock at one time

Follow us on Telegram.
Advertising

LEAVE A REPLY