Alipay has touted the application of blockchain technology to a broad range of Tmall’s operations after Alibaba’s e-commerce platforms posted a record-breaking 268.4 billion yuan in sales on the 11 November Singles’ Day shopping event.
According to Alipay it used blockchain technology in the four areas of:
- Commercial product tracing;
- Original creation protection;
- Digital identity verification;
- Supply chain financing.
Over 400 million commercial goods shipped across borders bore a blockchain-based identification certificate, for a 2.7-fold increase compared to last year.
Alipay further indicated that Alibaba-backed online lending platform MyBank provided 300 billion yuan in financial support to three million vendors during the period from August to early November, in order to better prepare for intense consumer demand on Singles Day.