JD.com Launches Blockchain Platform With Its First App
Chinese e-commerce giant JD.com just rolled out a blockchain-as-a-service platform alongside its new app – an app that can be used to digitally track corporate invoices for one of the largest publicly traded insurers in the country.
According to a release on Friday, August 17, the e-commerce giant said that its application moves invoice data for China Pacific Insurance Company (CPIC) onto a distributed network at each step of the invoice issuance cycle, streamlining the process and making it visible to all participants.
E-invoices, or more commonly known as “Fapiao” in the country, play a crucial role among businesses in China, both as official receipts for taxation purposes and a reference for bookkeeping.
The goal of the company’s first app is to increase efficiency in the invoice issuance, streamline the accounting process by updating the data related to e-invoices on a distributed network, according to the release.
This application comes as the first use case of JD Blockchain Open Platform which was also announced on Friday, August 17.
The blockchain-as-a-service product launched months after the e-commerce giant announced its plan for the project a couple of months ago. The product is designed to help enterprises wanting to develop own blockchain applications, including those for charity donations, property assessment, certificate authentication, and tracking supply chain information.
The firm has previously announced many other blockchain trial programs within its business divisions.
In March this year, the company partnered with one of the leading Australian beef producers to track supply chain information on its blockchain platform. In June, the firm announced that its financial services arm is planning to issue its asset-backed securities on blockchain in partnership with a local Chinese bank and brokerage company.