Ant Financial to Leverage Own Blockchain Tracking App to Fight Food Fraud
Alibaba’s Ant Financial Set to Launch a Food Fraud Tracking App on September 30th
Alibaba’s Ant Financial, is set to launch its blockchain as a service (BaaS) platform in September this year.
The recent reports of Ant Financial, the largest unicorn in the world, joining the blockchain world will come as positive news to any blockchain enthusiast. The company announced its plans to launch its own blockchain as a service and a rice tracking application that will detect counterfeit products in China’s north eastern province of Heilongjiang, Wuchang.
The AliPay affiliate announced that its partnership with the municipal government of the Chinese city of Wuchang will work towards tackling counterfeit rice in the province by deploying a consortium blockchain to track the production, distribution, packaging and transportation of the rice.
The rice industry in the Heilongjiang province has flourished over the years for its high quality but recent reports show the rice sometimes is unpurified with low quality rice. Ant Financial’s blockchain as a service allows users to leverage the cloud-based solutions to track the rice production process killing the counterfeit products.
“The Wu Chang Rice”
The service will be available in flagship stores on Alibaba’s Tmall e-commerce platform with every package of “Wu Chang Rice” sold on these online stores starting 30th September 2018. Through scanning a QR code on the package of the rice, consumers will be able to determine unique information on the production process of the rice. A report from Ant Financial stated,
“Consumers will be able to access production and logistics information including where the rice was harvested, which type of seed was used, and other details associated with the harvesting, packaging and transportation of the rice.”
The BaaS network will be built on a decentralized and distributed among participating nodes. The nodes will include Cainiao logistics supplier Tmall e-commerce platform, the rice farmers and the food regulators in the area, Wuchang's Bureau of Quality and Technology Supervision. The nodes will record the data on a public ledger with information on each of the rice packages visible publicly to deal with the counterfeit products.
More on Ant Financial
The company announced in April that it was focusing on the supply chain app to reduce cases of food fraud based on a blockchain. After switching its business agenda from the financial industry to blockchain related project, Ant Financial in June entered into a definitive agreement with the investors to secure $14 billion USD, in a series C equity financing round.