Chinese e-commerce giant Alibaba Group plans to implement blockchain tech in cross-border supply chains, as stated by Liu Song, vice president Alibaba Group.
According to Song, blockchain will be implemented in complex supply chains for creating a closed-loop ecological system that could be linked with local governments. Developing such new technologies as Internet of Things (IoT), international logistics, blockchain in the fields of customs brokers are also within interests of the e-commerce giant.
As a reminder, in December 2018, Alibaba Group announced about upgrade of its service platform to a cross-border supply chain platform with the use of IoT and blockchain technologies.
In October, Alibaba Group filed a patent application for a blockchain-powered system allowing parties to freeze or halt user accounts involved in illegal transactions.