Ant Financial, a payments partner of e-commerce giant Alibaba, is ready to launch its own blockchain application next month, alongside a price-tracking application proposed to handle fake products.
Declared on August 28, the firm has joined forces with the civil administration of the Chinese city of Wuchang to deploy a consortium blockchain for tracking the whole production procedure of locally grown rice.
Situated in China’s northeastern Heilongjiang state, Wuchang is known for the high quality of a particular sort of local rice. However, the past news reports have uncovered that packages from the area were sometimes blended with rice of lower quality.
From September 30, “WuChang rice” sold by lead stores on Alibaba’s e-commerce platform will show a QR code. The customers will scan each package utilizing Alipay to get information about the food’s origin.
Ant Financial said its distributed network of the blockchain application is sent among partaking nodes. It is also sent to lead stores’ rice producers, Wuchang’s Bureau of Quality and Technology Supervision, logistic supplier Cainiao and the Tmall platform.
The objective is to make a public ledger that contains unique data for each rice package. Any information disparity with the fake products will be effectively spotted.
“Consumers will have the capacity to access production and logistics information. They will know where the rice was harvested, which type of seed was utilized. They will also get information about different subtle elements related to the harvesting, packaging and transportation of the rice,” the company said in the announcement.
As reported by Cointelegraph, Ant Financial will launch its blockchain app in September. It will open up its blockchain development tools for more enterprises.
According to Alibaba’s April reports, an alternate blockchain-based supply-chain application was being trailed in order to avert food frauds. Australian healthcare firm Blockmores and New Zealand dairy item producer Fonterra are partners in the project.
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