Alibaba Cloud and the Credits blockchain platform have teamed up to revolutionize the Chinese logistics market with blockchain. The companies will develop software and hardware solutions for solving the payment and trust issues currently present in the Chinese market.
The partnership will see the use of modern, innovative business models such as 3PL. What this model includes is the installation of cheap sensors inside the shipping containers that will track their status and delivery through the Credits blockchain.
The CEO of Credits, Mr. Igor Chugunov, commented that the Chinese logistics market is thriving on online purchased goods. The logistics market is under rapid development and more and more solutions are coming to cater to the logistics market needs. Chugunov said that they are developing a lot of solutions to help the sector improve.
Another issue that is being solved by Alibaba Cloud and Credits is the trust. In China, the logistics market faces the problem of trust issues when it comes to settling the transaction between the respective parties.
The Smart Payment Service that uses the Credit platform smart contracts will monitor and implement the monetary transactions between sellers and buyers with the involvement of delivery services provides such as market leaders as DHL and other carriers, as well.
The goal of the partnership is essentially to end the lengthy settlement disputes that arise in the logistics market and to introduce viable tracking options for cargo container movement.
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