Alibaba Introduces Blockchain Product Tracking System for Users
According to the news of Sina Finance on March 17, Alibaba, one of the e-commerce giants of the People’s Republic of China, announced on March 16, 2020 that the e-commerce platform Koala, used for import purposes, has been updating products to include the blockchain system that provides full traceability.
Blockchain to Increase Logistics Transparency
When we look at the news, with the integration of Ant Financial’s blockchain technology into the Koala platform, online users can access the product’s logistics information by scanning the QR code of the products they purchase with Alipay.
With the update of the Koala app, customers have designed ways to track the product after the purchase on the order page is complete. A blockchain QR code and fingerprint signature will be added on the page after the purchase is finished.
Alibaba bought Koala for $2 billion in the last quarter of 2019. The trackable blockchain system was developed after purchasing features were added. With the blockchain application, Koala aims to reach the vendors on the platform with 2,897 product categories and 7,432 brands in 62 countries and regions.
Blockchain Use in Logistics Industry
According to the news published by Cointelegraph, air transport companies can earn $400 million in profits using blockchain technology. On the other hand, IBM Indonesia is included in TradeLens’ blockchain-based shipping platform. If you want to follow the news about the crypto world, you can follow our social media channels or you can reach the news page on cointral.com.
Blockchain Step from Toyota
On March 16, 2020, Toyota Motor Corporation and Toyota Financial Services Corporation announced the Toyota Blockchain Laboratory, made up of six companies belonging to the Toyoto Group, to the public. The laboratory will carry out studies for the future planning of the automotive industry.
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