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.