Jinwowo will create a blockchain called ‘gold chain’ to assist e-commerce companies address trust problems and vendor operational troubles.
The intention is to transform the e-commerce sector more reliable. Jinwowo’s project manager said:
“The laboratory will accelerate the application of blockchain in the field of e-commerce, including cross-border e-commerce, and establish a new business ecology on the chain with deep integration of technology and industry.”
The lab will carry out elaborate and advanced research and development (R&D) on how blockchain can benefit e-commerce.
It will also study blockchain can be applied to industrialization, ecological construction, innovation, engineering, entrepreneurship and academic exchanges.
Chinese e-commerce leader Alibaba’s e-commerce website Koala, which caters to import of goods from other countries into China, has implemented a complete product tracking system powered by blockchain.