Japan’s Largest E-Commerce Site, Rakuten Taps Chinese Blockchain Firm
We all know how difficult it is to get authentic products in China. Researchers say that over 90% of the products sold in China are faked in one way or the other, this percentage includes food products such as baby formula.
According to a news release, ‘’Companies like blockchain-centric Techrock have capitalized on this market by finding unique solutions to the authenticity problem’’.
Techrock is a platform that uses blockchain to combine technology and individual participation so as to create a world of authentic products for customers. Since it is built on blockchain, the platform offers a high level of security. Blockchain backed data cannot be falsified or manipulated in any way.
Techrock not only tracks each step of developing a product undergoes but also rewards its users with loyalty points for participating on the platform. It also uses blockchain technology to create a permanent record of a product’s authenticity.
Techrock is famously known for delivering high-quality goods and by partnering with Rakuten; it is progressively applying its process on its Rakuten zone. Apparently, the partnership between the two platforms has created a market for authentic goods as large as $60 million in one year.
Ye Jianyou, Global Trading & Flagship Section / Vice Senior Manager of Rakuten said that;
“Techrock’s anti-counterfeit technology allows Chinese consumers to verify they have received a genuine Rakuten product, giving a unique value advantage for cross-border ecommerce. Together with Techrock, we can further develop blockchain traceability and work towards cross-ecosystem integration of our platforms’ loyalty points.”
Rakuten is a California based e-commerce market place with more than 90 million registered users. With close to 10,000 employees, the platform receives yearly global revenue of more than a trillion in Yen currency. Rakuten is the world’s largest e-commerce trading platform.
“We’re very excited to be able to provide millions of Chinese consumers with Rakuten’s high-demand, quality Japanese products, and work together to improve cross-border ecommerce as it exists now,’’
said Alex Busarov, Co-founder & CEO of Techrock
Long since its evolution, Rakuten has had interest in blockchain companies and by merging with Rakuten; the platform is looking to expand its reach in China’s large market.