​Alibaba Pilots Blockchain Supply Chain Initiative

alibaba sues alibabacoin Foundation Cryptocurrency ICO News today

According to reports Alibaba Australia has revealed that it will launch a pilot that will ensure that orders made via the company’s Food Trust Framework, a move designed with the Blockchain Supply Chain Initiative. This endeavor comes as the company attempts to improve its supply chain traceability. Companies like Blackmores (health supplements) and Fonterra (a dairy products supplier) will lead the way regarding the Food Trust Framework, by shipping products from New Zealand and Australia to China through Alibaba’s Tmall Global platform.

Blockchain Supply Chain

Alibaba believes that if the pilot in Auckland turns out victorious, the Blockchain Supply Chain initiative could form the means for a worldwide supply chain model applied in all the company’s e-commerce markets. The trial follows Alibaba in March last year merging with Australia’s Post and PwC to see how blockchain technology can be used to fight food fraud. The company, last year, agreed to a memorandum of understanding with Australia Post, Blackmores and New Zealand Post to launch the framework.

SEE ALSO:   Walmart Wins Three Blockchain-Related Patents - Blockchain Patent News

According to Alibaba, the framework will be designed to achieve end-to-end supply transparency and traceability, hence boosting consumer confidence and creating a “trusted” environment for trades across Alibaba’s Tmall Global enterprise. Alibaba reports that the issue of food fraud costs the worldwide food industry $40 billion per year. PwC has estimated that 40% of food companies discover that food fraud is difficult to detect with the current methods, while 39% think their products will be easy to counterfeit.

Alibaba also reports that the framework is its next step to build the infrastructure of commerce in the future. According to Alvin Liu, Alibaba’s Group GM of Trade Import and Export food fraud is a huge global problem considering the expanding complexity of food supply chains. He says that in response to this situation, Alibaba has set up a coordinated robust Blockchain framework that will involve all stakeholders from the supply chain in a bid to enhance confidence and improve the visibility of merchants and consumers.


Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Confirmed: American Express (AXP) Is Officially Using Ripple’s xCurrent - XRP News Today

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!

Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!