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HomeNewsAlibaba Group Implementing Blockchain Technology for the World's Largest eCommerce Site

Alibaba Group Implementing Blockchain Technology for the World’s Largest eCommerce Site

Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology and the world’s largest retailer, Alibaba, has announced they are going to move to Blockchain via its subsidiary, Koala, a digital traceability platform which they acquired for $2 billion in late 2019.

According to Chinese media reports last week, Alibaba is using Koala for total transparency for their supply chain and by using Ant Financial Services Group’s (AFSG) blockchain technology where users can scan the two-dimensional code of the blockchain through Alipay.  They can then view the information of each step of product registration, customs clearance and logistics. Ant Financial Services Group formerly known as Alipay is an affiliate company of the Chinese Alibaba Group and is the highest valued FinTech company in the world, and the world’s most valuable unicorn (start-up) company, with a valuation of US$150 billion.

Supply chain quality manager of Koala Zhao Jiechen said that the biggest significance of blockchain for traceability is to let consumers know where their goods come from, where they have been, and where they are, and use technology to make information more transparent.

Richard Kastelein
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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