Yesterday, China-based tech giant
Ant Financial announced that it applied its blockchain technology to support the massive amount of shopping traffic on Singles’ Day. Through Alipay, it provided traceability, copyright protection, identity verification, and supply chain financing for its e-commerce platforms and partners.
Singles’ Day, held on the 11th November in China, is quickly becoming an international shopping event, in part thanks to Alipay. The firm supported overseas partners in marketing and handling the festival.
These partners included local online marketplaces Lazada and Daraz (both owned by related company Alibaba) and six national e-wallet providers based in South and South-East Asia. Along with e-commerce platforms, AliExpress and Alibaba’s Tmall Global, they processed triple the purchases of last year’s Singles’ Day.
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