Alibaba Is Working On Further Blockchain Implementation

Alibaba Is Working On Further Blockchain Implementation

 

Alibaba, the e-commerce giant, is considering a further application of blockchain technology in its business, according to Liu Song, the vice-president of the company.

In an interview with People’s Daily, the largest state-owned newspaper, Song hinted that the company may move towards bigger involvement of blockchain technology in “complex supply chains,” with the goal of creating a “closed-loop ecological system that could be linked with local governments”.

Also read: IBM, Google, and Amazon Will Likely Expand their Blockchain Exposure in 2019

In addition, Song added that the China-based giant is also working on Internet-of-Things (IoT) and use of blockchain technology in other sectors, such as international logistics, customs brokers, and trade finances.

It’s been announced yesterday that Alibaba’s payment arm, Ant Financials, has launched two subsidiaries – Ant Blockchain Technology and Ant Double Chain Technology – as a part of a wider effort to place more focus on innovative fintech.

The first affiliate company, Ant Blockchain Technology, will focus on “software development, big data services, computer information technology, technical consulting, transfer and services and financial consulting, among many other areas”.

On the other hand, Ant Double Chain Technology will work on “data and financial information services, research and development of financial products, design, consulting services and supply chain management”.

In October 2018, Alibaba Cloud, the cloud computing daughter company of Alibaba Group, announced that it launched Blockchain as a Service (BaaS).

It was said that the aim is to “provide an enterprise-level platform service based on leading blockchain technologies and helps customers build a secure and stable environment for blockchain implementations”.

“We aim to become a technology partner that enables companies that wish to use blockchain to accelerate their digital transformation,” said Yi Li, the head of Alibaba Cloud Blockchain Service.

Alibaba Group is an international conglomerate specializing in e-commerce, retail, Internet, and technology. During the previous year, its revenue hit $39.9 billion. As of today, the company has a market capitalization of $477 billion.