Ant Financial and its subsidiary Alipay has recently revealed intentions to join forces with local Chinese authorities to implore the genius of the blockchain technology in the area of authentication of rice. This is according to a report by a local media platform on August 28.
Alipay: A Major Player in the Chinese Market
As a prominent Chinese organization, Alipay reportedly boasted about its 400 million users in August last year, this record will considerably make the company a significant player in the Chinese market, it is considered necessary to state that the company is owned by the Alibaba affiliate Ant Financial.
Based on the available information in public space, the deal with the municipal government in Wuchang in Heilongjiang Province is targeted at eradicating fake version of the popularly accepted Wuchang rice making it to the market in the first place. This was described as saying;
“This is the first time that Wuchang Rice has changed the long-distance distribution method for the whole country, shortening the original delivery time of 3-7 days to less than 2 days.”
The publication went further to point out the underlining potentials and the undisputable benefits of blockchain technology introduction, stating that:
“Information such as warehousing, delivery, and trucking of warehousing and distribution links is also visible to consumers in real time.”
This remarkable move was made almost a week after the Chinese government started its clampdown on the virtual currency sector, placing several bans and having some conglomerate follow in its movement by suspending the transaction of cryptocurrency on their platforms and reporting defaulters to appropriate authorities. As a result of this, the move has nose-dived the level of participation of Chinese investors and traders in ICOs, Virtual Currency exchange as well as mining.
However, the blockchain technology seems to be gaining grounds in the Beijing as the ingenious technology as captured their imaginations. This must have been due to the positive potentials of the technology. The private sector has experienced several partnerships and integrations in its industry and this has further extended to the state-dominated sectors as well.
Although the Alipay has been appearing to have a tough position on users engaging in digital currency trading using its accounts, it was reported earlier this week that in June, Ant Financial began a blockchain remittance project with the Philippines.
It is no longer news that the blockchain technology has unlimited potentials and sectors in search of a reliable and effective digital system can find solace in the ingenious technology. In this case, the blockchain technology will not be detecting the counterfeit Wuchang rice but will effectively prevent it from getting into the market t begin with, this and more effective solutions lies in the blockchain system.