Categories: Altcoin News

Alibaba and Credits Set to Revolutionize Chinese Logistics Market with Blockchain

A joint venture has recently been announced between the decentralized, open-source Credits blockchain platform and Alibaba Cloud. The companies have announced the decision to develop…

advertisement

A joint venture has recently been announced between the decentralized, open-source Credits blockchain platform and Alibaba Cloud. The companies have announced the decision to develop software and hardware solutions for solving trust and payment issues on the Chinese logistics market.

Advertisement

The cooperation between the Credits blockchain platform and Alibaba Cloud foresees the use of innovative business models, such as 3PL. The given model includes the installation of low-cost sensors inside shipping containers for tracking their status and movement via the immutable Credits blockchain.

“China is a thriving market of online purchased goods and the country is actively exploiting this segment. We have developed a lot of solutions that needed to be taken to improve a sector as diverse and immense as logistics in a country with a population of well over 2 billion”, as stated by Credits CEO, Igor Chugunov.

The solutions being offered by the Credits platform and Alibaba Cloud also extend to solving the trust issues of the logistics market in settling transactions between the parties to a delivery process. The Smart Payment Service using Credits platform smart contracts will be involved in monitoring and implementing monetary transactions between buyers and sellers with the involvement of delivery services providers, such as DHL or any other carriers.

“Actually, there are a lot of aching problems in logistics right now. And blockchain offers the solution, it is the catalyst of global technology development today. Various operations can be easily reconfigured via Smart Contracts and Clouds, which is a great opportunity for customers to help themselves. Both customers and companies really get lots of benefits”, as stated by Yuli Bai, CEO of the Lenovo New Vision.

Blockchain-based software and hardware being introduced by the Credits platform and Alibaba Cloud are capable of offering innovative and technologically advanced solutions to the participants of the logistics market. The use of immutable databases and smart contracts could signify the end of lengthy settlement disputes and the introduction of accurate tracking of cargo container movement.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Vinnie Singh

All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on twitter @vinniesingh7 or mail me at vinnie[at]squadx.io

Recent Posts

Litecoin [LTC] Price Analysis – January 24th

LTC/USDT Daily Chart Perceiving LTCUSDT’s chart, price action is current trading under a key Daily…

2 hours ago

No More Bitcoin (BTC) Selling As On-Chain SOPR Resets to 1

The possibility of any more Bitcoin (BTC) selling further seems to be negligible as of…

11 hours ago

Bitcoin Mining Difficulty Rises to ATH amid Market Wide Shortage of Mining Chips

Bitcoin mining difficulty has peaked to a new all-time-high almost for the first time in…

1 day ago

Will ETH Price Triumph Or Reject at All time High, Price Action in In-decision on Weekly

ETH Price action is likely to range between these two regions, breaking either will likely…

1 day ago

Polkadot(DOT) Price Establishing a key Weekly Range, Will DOT Price Swing High Past ATH?

DOT price is  important weekly close coming up that will determine the momentum of the…

1 day ago