Blockchain in China: Alibaba Makes Moves to Increase Adoption and Exposure

Alibaba is making more moves in the blockchain space, with its payment arm Ant Financials launching 2 blockchain affiliates, Ant Blockchain Technology and Ant Double Chain Technology in the district of of Huangpu in Shanghai.

A report released recently mentioned that this initiative is part of an effort to focus on innovative financial technologies.

Ant Blockchain Technology focuses on software development, big data services, computer information technology, technical consulting, transfer and services and financial consulting, among many other areas.

Meanwhile, Ant Double Chain Technology has its eye on data and financial information services, research and development of financial products, design, consulting services and supply chain management.

The e-commerce giant has been making several moves in the space, determined to leverage the technology.

Blockchain Gains Exposure on Chinese Variety Show

After popular cryptocurrency book Cryptoassets gained exposure on China’s news channel CCTV2, there is more exposure coming for blockchain and cryptocurrency as a popular Chinese variety show presented the technology as a solution to supply chain traceability.

Broadcast on Zhejiang TV, the variety show featured a beekeeper from Sichuan in Southwest China who said some of his customers would complain about his honey being inauthentic because of a bitter taste that would occasionally accompany it.

Chinese e-commerce giant Alibaba is stepping in and helping such merchants by tagging their products with QR codes, allowing them to trace the movement of the product through the supply chain.

One guest on the show said:

It is for the first time that I truly understand what blockchain is, and I’m sure the TV audience also know it better now. Apart from guaranteeing the security of data, commodities and information, blockchain also have great impact on other aspects, which will not only bring about information revolution, but may even surpass it.

Sponsored by Alibaba, this particular episode of the variety show focused on blockchain, simplifying the technology for the masses and giving them an understanding of how blockchains could improve traceability and verify the authenticity of products on Alibaba.

Co-founder Jack Ma has said that blockchain needs to focus on the manufacturing industry, saying:

AI, Blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction.

The manufacturing industry, which has its share of inauthentic products, is just one of the many applications of blockchain in the supply chain space.