Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...
Massive e-commerce company Alibaba has announced the launch of a trial platform which will see orders made through the company’s new initiative – the Food Trust Framework – in an attempt to improve supply chain tracking.
The new pilot program will use blockchain technology in order to track food shipments to China from Australian and New Zealand at first. Blackmores, a health care supplement company, and Fonterra, a dairy product supplier, will be the initial companies used in the trial and the products from the businesses will be shipped via Alibaba’s T-Mall e-commerce arm.
According to a report by ZDNet, Alibaba is hoping that if the pilot takes off with success, all international supply chains applied across the Alibaba Group of e-commerce could be based on the blockchain framework developed for the project.
ZDNet also reported that the team heading up Alibaba are firm believers of the possibilities offered by blockchain and that the technology is well-equipped to address issues of food fraud, which is a criminal activity that involves packing foods with inferior quality and counterfeit ingredients.
Alvin Liu, the Alibaba Group general manager of T-Mall Import & Export, has said that the activity of food fraud “is a significant global challenge, particularly with the growing complexity of supply chains“.
Alibaba aims to attain supply chain traceability and transparency from the start of a shipment until the end with the platform, which will ultimately improve consumer confidence and create a “trusted” environment for international commerce across Alibaba’s T-Mall Global systems.