Alibaba’s Alipay Announces Partnership with Chinese Government to Track Rice Using Blockchain
Alipay and Ant Financial, its parent firm, have revealed a partnership with local authorities in China to use blockchain tech to ensure the authenticity of rice, a local news outlet reports August 28.
Alipay being a major player in the Chinese market boasted more than 400 million users in August last year. The firm is owned by Alibaba’s affiliate Ant Financial.
According to the Global Times, the partnership with the municipal government of Wuchang in Heilongjiang Province aims to utilize blockchain tech to stop counterfeit versions of the famous Wuchang rice being sold in the market.
The reports added that owing to technological changes in the process, the long-distribution method for Wuchang rice has changed for the whole country, shortening the delivery time from 3-7 days to less than 2 days. The publication further adds benefits of the introduction of blockchain tech:
“Information such as warehousing, delivery, and trucking of warehousing and distribution links is also visible to consumers in real time.”
The move comes just a week after the Chinese government ramped up its crypto ban with further blocks on crypto exchanges and exchange of information about cryptos and ICOs.
However, the tech continues to attract big tech players in the Chinese market, with several partnerships and integrations ongoing between big names within both the private and state sectors.
Alipay has also taken measures to block users using its network for crypto trading, while in June, its parent company Ant Financial trialed its first blockchain remittances project with the Philippines.