Home Blockchain Smart payments by Alibaba cloud and credits Blockchain

Smart payments by Alibaba cloud and credits Blockchain

A Smart Payment Service forms part of a complete third party logistic (3PL) solution being offered to the Chinese market through a collaboration between Alibaba Cloud and Credits (CS) Blockchain. In their official post, Credits state their blockchain-based smart contracts and Alibaba Cloud infrastructure can provide convenient, user-friendly and secure transactions between buyers and sellers in the logistics cycle.

The Smart Payment Service component is one element of the 3PL solution, that was primarily designed with express delivery providers like DHL in mind, to facilitate the entire trade process from ordering of goods to signing of the delivery receipt.

Opportunity for Customers

Aiding the tracking of goods within a shipping container will be programmable frequency sensors that can provide data, such as temperature fluctuations, and this information can be stored immutably on the Credits blockchain.

Technically differing from the more widely known Proof of Work (PoW) and Proof of Stake (PoS) mechanisms, Credits operates their own Proof of Agreement (PoA) algorithm known as Credits Decision Consensus Algorithm (CDSA) which is claimed to be faster and more cost effective than competitors such as Ethereum.

Headquarted in Singapore and with 19 regional data centres globally, Alibaba Cloud are a subsidiary of the world’s largest retailer and e-commerce company, Alibaba Group.

Yuli Bai, CEO of Lenovo New Vision Technologies – who are another of Credits official partners – believes that a blockchain and cloud 3PL solution can help solve “…a lot of aching problems in logistics right now…[because]…Various operations can easily be reconfigured via Smart Contracts and Clouds, which is a great opportunity for customers to help themselves.”

Launched in the first quarter of 2018 in an initial coin offering (ICO), Credits are in the process of migrating their native ERC-20 CS token to their own mainnet with extended support being provided to the public via exchange platforms.


Please enter your comment!
Please enter your name here

Must Read

Irish drug dealer loses $57M bitcoin fortune after losing access codes

Irish Bitcoin drug dealer Clifton Collins, who has forfeited digital assets worth $57 million, has continued his trial...

Federal Reserve should produce a digital dollar, Giancarlo says

Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) has said that the Federal Reserve should generate digital currency.

Coinbase suspends EOS activities due to degraded performance

Owing to Coinbase degraded performance experienced with EOS, the digital currency exchange firm announced via Twitter on Saturday that...

Crypto businesses in New Jersey to start collecting licenses

To ensure customers from the threats digital assets present to their investment, a New Jersey legislator has initiated a bill to organize...

Binance cloud launches to improve local exchanges operation

Binance trading platform, a digital medium where cryptos could be traded reportedly would be launched soon by the...