Copy link
Increase text size
Decrease text size
Link copied

Alibaba Cloud, Credits target China’s logistics industry with blockchain-based solutions

Wed, 04 Dec 2019, 09:33 am UTC

Blockchain startup Credits is teaming up with Alibaba Cloud to enter China’s logistics industry with blockchain-based solutions.

The logistics sector is currently facing a number of issues related to tracking and tracing of goods, including the conditions in which goods are transported. This often results in damaged goods deliveries, time delays, and other inconveniences.

Credits and Alibaba Cloud are combining their innovative technologies in order to streamline operations and reduce costs in 3PL (third-party logistics) business models. The ultimate goal is to increase efficiency by building trust between suppliers and consumers.

The process involves installing programmable frequency sensors inside the shipping container. Using these sensors, the parties will be able to track the temperature inside the container along with other data and store it in an immutable database, such as the Credits blockchain, according to an official announcement.

“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,” said Credits CEO Igor Chugunov.

Blockchain-based payment solution

In addition to the smart logistics solution, the companies have announced a payment service that leverages the Alibaba Cloud and the Credits blockchain platform.

Called the Smart Payment Service, the product facilitates transactions between buyers and sellers in a secure manner through the express delivery service provided by logistics providers such as DHL. The user-friendly service combines Credits blockchain smart contracts, Alibaba Cloud infrastructure and payment systems that provide APIs for free access, such as Alipay.

“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,” said Yuli Bai, CEO of Lenovo New Vision.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $11,595.60 (-1.87%)
  • Ethereum (ETH) $379.68 (-4.04%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $301.80 (-6.23%)
  • Bitcoin SV (BSV) $229.07 (-4.17%)
  • Bitcoin (BTC) $11,595.60 (-1.87%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.