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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Staking: these are the 5 preferred cryptos for passive profits

Staking has been called in various ways, some accurate, others not so much. This has also happened with PoS,...

United Kingdom forces to block cryptocurrency advertising

The advertisements of the company Luno will be withdrawn from the United Kingdom after the resolution that obliges them to do so...

Cryptocurrencies find some relief after their crash

Cryptocurrencies find some support for a bounce after one of the toughest weeks for investors. Although last Thursday we...

China Strikes Cryptocurrencies Again, Bitcoin Slumps Again

The highest level of government in China has proposed new measures to regulate mining in the country. The proposal has been received...

Bitcoin on the Playstation? Sony’s patent finally accepted

On May 17, 2021, the publication of a patent by Sony Interactive Entertainment mentioning Bitcoin was greeted with great fanfare by the...