The Credits open-source decentralized blockchain solutions provider and Alibaba Cloud have announced the joint launch of operations in the Chinese logistics market.
The solution being launched jointly by the Credits platform and Alibaba Cloud is aimed at solving the multiple issues in the logistics market using blockchain technologies. The approach will be implemented through several business models involving 3PL.
The business model being employed under the 3PL approach includes the use of low-cost and versatile frequency sensors that would be installed inside Shipping Containers to monitor their movements and status via the immutable Credits blockchain database.
“China is a thriving market of online purchased goods and the country is actively exploiting this segment. We have developed a lot of solutions that needed to be taken to improve a sector as diverse and immense as logistics in a country with a population of well over 2 billion”, as stated by Credits CEO, Igor Chugunov.
Given the rising demand for personalization from modern customers and the issue of a lack of trust between parties within the logistics chain, the use of the Credits platform blockchain could offer a variety of added benefits to the industry. The use of the Smart Payment Service based on the combined Alibaba Cloud and Credits blockchain platforms is a solution that is currently being implemented by the companies in the Chinese market. The Credits blockchain provides secure transactions between the parties to the delivery process and logistics providers, such as DHL.
“Actually, there are many aching problems in logistics right now. And blockchain offers the solution, it is the catalyst of global technology development today. Various operations can be easily reconfigured via Smart Contracts and Clouds, which is a great opportunity for customers to help themselves. Both customers and companies really get lots of benefits”, as stated by Yuli Bai, CEO of the Lenovo New Vision.
The use of secure smart contracts and immutable blockchain databases provided by the Credits platform is a technologically advanced and reliable solution to the multiple issues of the Chinese logistics market.