China-based e-commerce firm Alibaba has stated that its platform catering to importers, Koala, has adopted blockchain technology thereby allowing total tracking of products offered. The information was revealed by Sina Finance report on March 17.
The document disclosed that the Ant Financial’s blockchain has been integrated with the Koala platform, allowing online shoppers to verify entire logistic data of the goods they intend to purchase by simply scanning a QR code using Alipay.
The overhauled Koala app offer clients with a tracking icon after finishing purchase process through the order page. A blockchain QR code and an anti-counterfeit fingerprint sign is also included on the webpage.
Alibaba Group acquired Koala for roughly $2 billion in the final leg of 2019. A journalist told the domestic media outlet that this tracking tool based on blockchain was built after the takeover of Koala.
Alibaba intends to apply the blockchain tool to merchants and foreign direct mail facilities, and reach over 62 countries with 7,432 brands and 2,897 product categories.
Alibaba trusts that blockchain technology can resolve e-commerce industry’s traditional issues such as tracking, logistics data handling, mismatch of goods and complexity in identifying accountability for the supply chain.
Notably, air cargo firms are implementing blockchain technology with the aim of saving $400 million per annum. Likewise, IBM Indonesia recently became a member of blockchain based shipping platform TradeLens’.
