Alibaba Group and COFCO Group Signed a Memorandum of Cooperation through Blockchain Technology

According to XINHUANET, on June 5, Alibaba Group and COFCO Group, China’s largest food processing company, signed a memorandum of cooperation through blockchain technology to jointly open the prelude to the digital transformation of China's exhibition industry.   

After China’s President Xi Jinping’s speech on blockchain technology at the study session of the Politburo held On Oct. 25, 2019, many Chinese giants of the industry began accelerating their development into blockchain and the emergent technologies of the fourth industrial revolution.  

The blockchain-based memorandum between Alibaba and COFCO is one of the recent examples of utilizing blockchain features which are increasingly being recognized by global giants of industry for their various fields of application.  

Leveraging blockchain technology, the process of signing a contract can be significantly simplified due to the reduction use of paper use and fewer paper certificates.   

Another key advantage that blockchain brings is its ability to safeguard information and keep it tamper-proof, thus making a blockchain contract much more secure than that of a duplicated paper contract. These key features can also be applied to all kinds of applications like identity verification, academic certificates, and more.