Chinese Telecom Giant Launches E-Commerce on Blockchain

April 18, 2020 4:02 PM UTC

Chinese organizations are actively employing blockchain technology in order to prepare themselves for upcoming China’s national digital currency (DCEP) debut. Even during the pandemic outbreak, several Chinese banks and corporate enterprises had been extensively using blockchain technology to explore more opportunities.

According to the April 13 news report, Jinwowo, a network technology firm, and China Mobile Blockchain Association Committee have teamed up to build the initial “blockchain and e-commerce ecology” laboratory in the state of Yuzhong’s report further states that Jinwowo is playing an essential role in the development of a new blockchain termed ‘gold chain’ to assist e-commerce industries. It will resolve trust problems and supplier liabilities problems. The Project’s ambition is to develop a more trustworthy ecosystem for the e-commerce industry.

Jinwowo’s project manager states:

“The laboratory will accelerate the application of blockchain in the field of e-commerce, including cross-border e-commerce, and establish a new business ecology on the chain with deep integration of technology and industry.”

The Lab will Explore New Keys for E-commerce

The laboratory will conduct an in-depth study of how blockchain technology can be employed in e-commerce enterprises. It will also research blockchain technology related to industrialization, ecological construction, and academic exchanges.

Recently, Alibaba, a major Chinese e-commerce firm, has imported Koala to enhance logistic transparency utilizing blockchain technology.

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