Alibaba To Fight Fraud With Blockchain Tech
E-commerce giant Alibaba – in partnership with four Australian and New Zealand companies – has introduced a blockchain-based food-tracking system to fight food fraud.
According to the National Center for Food Protection and Defense, “Food fraud is a collective term used to encompass the deliberate and intentional substitution, addition, tampering, or misrepresentation of food, food ingredients, or food packaging; or false or misleading statements made about a product, for economic gain.”
The food-tracking system is a product of the Food Trust Framework – a blockchain consortium consisting of Alibaba, Fonterra, New Zealand Post, Blackmores, and Australia Post.
Last year, Walmart, IBM, JD.com and Tsinghua University National Engineering Laboratory for E-Commerce Technologies created the Blockchain Food Safety Alliance. The alliance aims to use blockchain to improve transparency in the food and shipping industry in China.