[Welcome to Da Bing, a weekly round-up of the most important crypto-related news that happened in China last week.]
Blockchain went from being President Xi’s favorite technology to real-world success—as demonstrated in a very public way—when e-tail giant Alibaba used it to power its biggest shopping day on record.
China’s Singles Day, which started out as a celebration of being single, is annually on November 11th (yes, it always falls on 11/11). A decade ago, Alibaba turned the Singles Day concept into a massive shopping day, observed by happy singles, and couples. Last week, the holiday generated a record-breaking $30 billion sales for the e-tail giant in, er, a single day.
What’s mind-blowing about all this is not just the sales record, but the technology deployed to ensure the that the extravaganza didn’t go bust: Blockchain entered the scene this year.
Be the first to get Decrypt Members. A new type of account built on blockchain.
According to Ant Financial, the fintech arm of Alibaba, it applied blockchain technology to supply-chain tracking (among other things, it eliminated counterfeit goods), ID verification and supply-chain financing throughout the festival. Though it’s not clear precisely which technologies Ant used, the day served as a rare, real-world experiment to deepen the tech firm’s blockchain understanding.
And it was duly noted everywhere. articles on “Shuang shi yi ( Singles’ Day)” and “Blockchain” are trending topics on Weibo, China’s twitter. One article even has the title, “Even Blockchain Celebrate Singles’ Day.”
Fun fact: consumers could earn bitcoin rewards instead of cash back during the sales. We will likely see more bitcoin plug-ins to traditional online retailer in the near future.
Top 3 other things that happened last week
#1. Tencent plans to open a virtual, blockchain Bank in Hong Kong after gaining regulatory greenlight
Despite increasingly violent protests, Hong…