The Chinese e-commerce giant, Alibaba has taken to blockchain system of traceability. Its import e-commerce site Koala has already upgraded itself to the blockchain system of traceability. According to reports, the system has already been introduced in the logistical process.
Motive: Improving Logistic Transparency
The blockchain traceability system has been employed by many other business industries and the results included enhanced transparency. To increase the transparency in a business is by far the best marketing strategy that could be employed. This lets the customer know about the logistics and this, in turn, keeps him engaged and in the loop.
What’s Different in the Upgraded Version of Koala?
According to reports on the upgrade, the Koala application comes with an icon which is for the users to trace or keep a track of their purchases. The additional features include anti-counterfeit fingerprints and QR code in order to keep any kind of fraud at bay.
Blockchain is Gaining Traction in the Logistics Industry
Blockchain is exponentially gaining popularity in the logistics industry; may it be oil mills or export-import trades, blockchain technology is fairly deemed as the most advanced and useful for business purposes.
In all likelihood, Koala has plans to continue with the newly installed system in their logistics. Moreover, it hopes to iron out the creases common to the domain of business like tracking, mismatch of goods, and fraudulent activities to name a few.
Other Industries to Adopt the Technology
Industries the world over are making the most of the promising technology. Indonesian Customs and Excise Department recently joined Tradelens’ blockchain-based shipping platform to enhance its business opportunities. It has also been reported that the Canadian Government is taking a number of initiatives to use the technology to revolutionize its various sectors, for instance, its steel industry is now being supervised by blockchain firms to increase traceability.