Blockchain technology is continuing to pervaid into all aspects of Chinese business and politics. Alibaba has begun using blockchain technology to secure food traceability through PwC. Now, a subsidiary of the company’s group, Tmall Global, has entered into the trial operation stage of blockchain to ensure complete tracing of imported goods for end-to-end delivery.
B2C online trader Tmall, is a huge player in trading, accounting for over 50% of the Chinese e-commerce market share. According to Tmall’s website, the solution will be called ‘Visa’ and look to provide answers to questions like production date, the origin of foreign goods, production place, amongst others.
From reports from news sites, the Visa feature is a source code that is to be attached to every products bought. Before the shipment of the goods, purchase information like date, location and personnel amongst others would be inputted into the Visa. Those on the Chinese border will then scan a QR code and get all the data from that.
“Leveraging NFC chip, RFID tag or QR code, Vechain makes it possible for producers to assign unique ID to products and store them on blockchain technology. Aside this, Vechain (VET) offers services like protection, anti-counterfeit, and food safety. Thus a compound and complete solution for any company in the supply chain industry.”
The QR codes might also make problems as Visa is detachable, as the QR codes created by Tmall can be eliminated, whereas Vechain would not as their MySTory goes from source to the end point without any hassle.
Vechain is tried and tested, with two top companies in China, ENN Energy Holdings Limited and Shanghai Gas (Group) Co. Ltd using the group to much success.
Whatever the end result, this is another big step in the right direction for blockchain technology in China, a nation that is becoming more and more allured by the transformative technology and solutions it gives business and other bureaucratic institutions.
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