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Credits Blockchain Platform Joins Alibaba Cloud For Catering To The Chinese Logistics Market

Yash Rajan

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Source: Credits

The decentralized, open-source Credits blockchain platform has recently announced its cooperation with Alibaba Cloud in developing blockchain-based solutions for solving logistics issues on the Chinese market.

The 3PL model being introduced under the cooperation agreement includes the development of programmable, cost-effective sensors for deployment in shipping containers. The devices would be connected to the Credits blockchain database and provide immutable data streams about the containers’ status and movement tracking. Credits CEO, Igor Chugunov stated:

“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.”

In addition to providing highly customizable solutions for solving trust issues on the logistics market in the interaction between buyers and sellers, the Credits platform and Alibaba Cloud are also introducing the Smart Payment Service. The given model involves the use of Credits blockchain-based smart contracts for regulating settlement transactions between the parties involved in a delivery process and logistics providers, such as DHL or other carriers. Yuli Bai, CEO of the Lenovo New Vision stated:

“Actually, there are a lot of 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.”

The combination of blockchain-based software solutions and low-cost hardware for tracking the movement of goods and settling transactions is a welcome change for the logistics industry, which has always been plagued by trust issues. The launch of joint operations between the Credits platform and Alibaba Cloud could be the start of an important transition for the industry from centralized to decentralized solutions.

Disclaimer: This article has not been written by AMBCrypto. Readers are advised to do their due diligence before making any financial decisions.

A Biomedical engineering graduate, Yash focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.