Alibaba Australia announced the launch of a pilot project of the Food Trust Framework for tracking the supply chain of products from Australia and New Zealand to China through Tmall Global platform using blockchain technology and QR codes. The first initiative will be specializing in the trade of medicinal supplements company Blackmores and dairy products supplier Fonterra.
It is expected that the innovation will allow to provide the transparency and control of the logistics, as well as increase the users ‘ confidence in the suppliers and create a favorable environment for international trade enterprises, the Chinese giant of e-Commerce.
According to Alibaba, the world each year the damage from the scams on the food market is $40 billion In the case of the success of the pilot project, a new initiative could be the basis for the application of blockchain technology in all markets Alibaba Group.
We will remind that in the beginning of this year tech conglomerate Alibaba also launched a platform for mining cryptocurrency.