Subsidiary Organization Of Alibaba Is Utilizing The Blockchain Technology For Logistics Process
Mar 06, 2018 Posted / 1851 Views
The auxiliary company of Alibaba, Lynx International has announced its integration with Blockchain Technology into the management of its cross-border supplying operations. The company is aiming to keep a track on all of its imported shipment through Blockchain Technology. The innovation will allow Lynx to record and track every essential detail such as production, transportation method, customs, inspection and third-party verification.
As per open media source, the technical leader of the company, Tang Ren stated, “Although the concept of blockchain has only recently started to emerge, it has a very wide range of applications. We firmly believe that this is an Internet-based technology, not a tool for speculating on currencies.”
The Blockchain Technology allows a company to retrieve and scrutinize the recorded data, but data cannot be modified under any circumstance. The technology provides safe and secure storage of data, and the fixity nature of distributed ledger technology is one of the primary reasons behind its overwhelmed application and appreciation.
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In December 2017 the founder of Alibaba, Jack Ma stated that he had no personal or business interest in the Blockchain Technology at that time which signifies that the initial attempt of the organization does not suggest that the company has any soft spot for the innovation. But Lynx announcement is the debut of the company in the sphere of emerging technology.
Alibaba is the parent company of two giant online shopping websites - Taobao serving in China and AliExpress operating worldwide. Foundation of Blockchain technology in the organization indicates towards Alibaba’s efforts to streamline its logistics activities. Aboard the management of supplies on an e-commerce platform, the company has unveiled Technology in Healthcare and Food quality control industry as well.
Some media source claim that the mobile app of Taobao has been updated with a tab “View product logistics traceability information” in the bottom of some articles which allows a buyer to possess available information about the product.
As per open media source, the company has registered over 30,000 imported goods from the ports of Shanghai, Guangzhou, Hangzhou, Tianjin and Shenzhen in its Blockchain network. Technical Leader Tang also stated that the tracking process of an article is initiated even before it reaches the territory of the country.
“When these goods are shipped from overseas to China, the logistics data have already begun to go on the blockchain.” - Tang Ren
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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