| Abstract: |
Ant Financial, an affiliate of e-commerce giant Alibaba, on Tuesday announced a partnership with local Chinese authorities to use blockchain in an attempt to prevent counterfeit products entering the market. The company is all set to launch its own blockchain-as-a-service platform next month, alongside a rice-tracking application that is intended to put a lid on the increasing cases of food fraud. The firm announced on Tuesday that it has partnered with the municipal government of the Chinese city of Wuchang to deploy a consortium blockchain for tracking the entire production process of locally grown rice in the province. A prominent player in the Chinese market Alipay has over 400 million users and is owned by Ant Financial. |
