The latest blockchain project in China is targeting the e-commerce industry, seeking to eliminate trust issues rampant in the industry. It brings together the China Mobile Blockchain Association Committee and Chongqing Jinwowo Technologies. Known as Gold Chain, the new blockchain project will also integrate consumer protection mechanisms.
China has continued to build on the blockchain, with some of its largest companies leading in blockchain patent applications. Nevertheless, Jinwowo claims that its project is the first of its kind and will use blockchain technology to reinvent the e-commerce industry.
In a joint laboratory based in Chongqing, the two organizations will delve into blockchain research, a report by Chinese outlet Yuzhong revealed. They will offer services such as policy consulting and personnel training. However, their main focus will be on e-commerce, pledging to make the industry more trustworthy.
The lab will help e-commerce companies “solve trust issues and supplier responsibilities issues, consumer interest protection and other issues, forming an integrated e-commerce ecosystem and building an honest and credible “blockchain + e-commerce ecosystem.”
The lab believes that through its efforts, blockchain will become integral to the e-commerce industry, especially cross-border e-commerce. It also hopes to “establish a new business ecosystem on the blockchain that deeply integrates technology and industry.” In the future, the lab intends on bringing in other innovators into its incubation program.
The news comes just days after China revealed that it will launch its national blockchain platform next week. Known as the Blockchain Service Network, it’s expected to make the deployment of blockchain applications both cheaper and easier for developers. BSN has already attracted 2,000 members, including over 600 enterprises and has set up over 100 public city nodes for the project.
The Gold Chain project also fortifies blockchain’s position in the e-commerce industry. More companies in this industry have continued to integrate the technology as they seek to introduce traceability for their consumers. Walmart has been one of the leaders in this field, employing the technology to track shrimp imports from India and partnering with IBM to track leafy greens via its Walmart Food Traceability Initiative. Amazon, the biggest company in e-commerce, has also turned to blockchain to integrate advertising data.
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