JD.com Launches Blockchain as a Service Platform For Invoice Tracking
JD.com Launches Blockchain Platform Along with a Supporting App
Leading Chinese online store JD.com has introduced two products, a blockchain-as-a-service platform and an app that keeps digital records of corporate invoices for one of the most prominent publicly traded insurance companies in the Asian country. Notably, the app is the first of its kind to be launched by the e-commerce store.
As per the accompanying press release, JD.com revealed that the application will transfer the invoices belonging to the Pacific Insurance on to a blockchain network at every step of the issuance cycle. Since the entire process will be automated and open to every participant, it is impossible for fraudulent activities to occur. Invoices, which are colloquially referred to as ‘Faipao’ in China are fundamental to business enterprises in the country, as they are used in both record keeping as well as determining the net tax liability.
The primary objective of the app is to increase the efficiency of the issuance process and facilitate the smooth operability of the accounting process by regularly updating invoice data on the immutable blockchain database. As expected, the app will work in conjunction with the JD.com blockchain platform that was inaugurated alongside it.
On the other hand, the blockchain-as-a-service product aims to assist companies that want to leverage distributed ledger technology to develop solutions. The project, which was first announced in April, will assist companies dealing with certificate verification, charity donations, property evaluation, and many more.
JD.com has been trialing blockchain technology internally for a substantial period. Earlier this year, the company collaborated with an Australian meat producing firm to track the supply chain information regarding beef importation using blockchain technology. Moreover, the company’s financial services department reportedly partnered with a local bank and brokerage institution to issue securities backed by assets on distributed ledger.
More JD.com News: