Japan’s Largest E-Commerce Site, Rakuten Taps Chinese Blockchain Firm

Japan’s Largest E-Commerce Site, Rakuten Taps Chinese Blockchain Firm

Andrew Zapotochnyi
05/3/19 10:36 AM 2019-05-16 07:52:41
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 product

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.

The Fix

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.

About Rakuten

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.

Andrew Zapotochnyi
I'm a news contributor for Blockgeeks and CEO of CoinPRKit.io – Blockgeeks marketing partner.

Like what you read? Give us one like or share it to your friends

2
0
Please to comment