Alibaba, the Chinese e Commerce giant, is reportedly embracing blockchain technology for its T-Mall eCommerce platform.
According to a report in Coinbase, citing China’s news agency Xinhua, reported Thursday (March 1) that it will use blockchain technology for cross-border supply chain. Alibaba is reportedly partnering up with Cainiao, the logistics company for the effort. With the partnership, the two are aiming to move the information on goods that are imported and exported to the blockchain so that the goods can be tracked from the country they started out in. With blockchain, the goods can also be tracked by shipping port and method, arrival port and customers report details, reported Coinbase. Alibaba is already an investor in Cainiao. Cainiao, noted the report, is a big backer of blockchain and sees the potential for it to be embraced for cross-border eCommerce.
With the partnership, Chinese consumers from all over the country can track the blockchain information on 30,000 goods from 50 countries via E-Mall’s mobile app. It's also aimed at boosting confidence with consumers who fear they are purchasing fake goods on the platform.
The partnership comes at a time when T-Mall has been enjoying strong sales. In November Singles’ Day, an informal day of personal shopping that Alibaba has grown to a multi-billion dollar event over the last decade or so, brought in over $25 billion in merchandise sales in 24 hours. Most of those sales took place on the Taobao marketplace and Tmall brand store. Total orders hit 812 million (a 23 percent climb), and Alipay processed 1.5 billion payment transactions (a 41 percent climb). Over 140,000 brands took part, 60,000 of which are based outside China. That haul is a fairly impressive jump from last year’s 39 percent, which is not quite the largest jump in Alibaba’s history. That honor goes to the time period between 2013 and 2015, when Alibaba saw 60 percent year-over-year growth in the event. But considering its size and scope, the leaping and bounding numbers is remarkable in its own right.