Blockchain’s First Appearance in Alibaba’s ‘Double 11’: Tracing for 150 Million Overseas Commodities

Since the e-commerce giant Alibaba held the first Double 11 Shopping Festival on Taobao.com in 2009, November 11th has become a special shopping day in China. Last year, Alibaba has earned $25 billion in 24 hours. This time, the firm is aiming to create greater glory with the help of blockchain technology.

On November 5, Ant Financial, the financial affiliate of Alibaba has disclosed that blockchain technology will be applied to the “Double 11” for the first time to manage the origin tracing of 150 million overseas commodities from hundreds of different countries and regions.

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“This year, blockchain technology will be widely applied in our Double 11 event. This kind of technology can be used to trace origin of both overseas and domestic commercial products, which is just like attaching the origin and product information to all the goods” said Eric Jing, CEO and Executive Chairman of Ant Financial, at the Qian Tang River Forum in Hangzhou.

For instance, Alibaba’s Tmall platform has cooperated with Antwerp World Diamond Centre (AWDC) to offer a unique blockchain ‘ID card’ for every diamond that verified by this corporation. Customers may simply assess to the entire process, from the overseas procurement to the domestic delivery, by simply scanning the QR code through either Alipay, Tmall or Taobao APP.

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The smart traceability system established by the Tmall platform uses the Ant Blockchain technologies to record the traceable data of diamond products upon the consortium blockchain is created to differentiate general product information which is recorded by the merchants themselves. Thus, the product information becomes transparent, anti-tamperable and can be shared in real time.

Jing also indicated that Ant Financial has built a self-developed enterprise-level blockchain platform that is heading towards large-scale commercial usage. “Ant Blockchain has developed our own BaaS (blockchain-as-a-service) platform that has both the underlying platform and an open platform on the top.”

He encouraged more developers to join in and do more R&D in blockchain applications, especially in financial and retail fields. Jing also hopes that all their partners may work together by using blockchain technology to achieve seamlessness and credibility asset, human and material data in the digital age.

Jing emphasized that technology is the biggest bonus of this era. Ant Financial and Alipay will adhere to the technologically-driven innovation and work together with more partners to promote high-quality development in their industries.

*Edited based on an article from 8btc. 

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