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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.
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