Alibaba Group join forces with Waltonchain, a blockchain logistics solution for authenticating products.
As China’s largest e-commerce platform, Alibaba Group has diversified it’s services and expanded globally.
“A notable change in Q4 was that a doubling of cloud revenues at Alibaba enabled it to join the ranks of the top five operators for the first time. ”
CEO of Ant Financial, Alibaba’s financial arm, Jing Xiandong said:
“We are the most patented company in the world of blockchain technology,” he said, “but I don’t think we will have anything to do with an ICO.”
More than half of the 406 patent applications worldwide, were from China. The People’s Bank of China topped the list with 68, whilst Alibaba has been China’s second most significant with 43 patents pending.
Waltonchain is a blockchain solution to authenticate products, with the potential to eradicate the $500 Billion Dollar Counterfeiting industry.
Using an RFID chip that provides an immutable, fully traceable supply chain. By creating a blockchain ‘smart contract’ record, a product can be tracked from it’s production, through to warehouse, shipment and all the way to it’s purchase.
The pilot trial from ports in Shangai, Shenzhen, Guangzhuo, Hangzhuo and Tianjin, has registered the details of an estimated 30,000+ imported goods on the company’s blockchain system.
With the use of their WaltonCoins (WTC), Waltonchain plans to begin production of their RFID chips in 2019 and become a leader in the arena of blockchain logistics.