Alipay, a company owned by Alibaba, has recently announced a partnership with a local Chinese government authority to use the blockchain technology to ensure the authenticity of the rice produced in the country. The major Chinese company has 400 million users (the numbers are from August 2017) and it is owned by Ant Financial, an Alibaba affiliate.
According to the local media, the deal was made specifically with the municipal government of Wuchang in the Heilongjiang Province and it was created to stop counterfeit version of Wuchang rice, which is a very well-known brand in the Chinese market.
The reports also state that, for the first time ever, Wuchang Rice was able to not only authenticate rice better but to diminish delivery time from 3 to 7 days to less than 2 days using the blockchain technology. Now, information such as delivery, warehousing and trucking, along with distribution links, can be visible for the consumers of the rice in real time using the technology.
China Increases Cryptocurrency Ban
This move comes just a week after the central Chinese government has decided to ramp up its cryptocurrency ban with further blocks on how the exchanges work and on information about the sector. However, the blockchain technology is blossoming in Beijing nevertheless.
As part of this, Alipay has recently decided to have a tougher stance on users who trade cryptos using their Alipay accounts and has blocked remittance projects.