JD.com Launches a Blockchain Platform Together with its new App
JD.com launched Blockchain platrom
Giant e-commerce company JD.com has launched a blockchain platform together with its first application. The new app by the company will digitally track all the corporate invoices for one of the biggest insurers in China. According to JD.com the new application will move invoices for Pacific Insurance into a distributed network in each of the company’s transaction cycle. The cycle will be automated making it transparent and visible to all the participants.
Fapiano which is the name for invoices in China play a very key role among all businesses in the country for taxation purposes and book keeping. The main aim of the launched application is to better the insurance sector as well as streamline the finance sector. This can be best achieved by ensuring that invoice data is well updated on the system.
This app is the first test of JD.com’s blockchain platform which was also launched today. Blockchain-as-a-service has been launched after the firm announced the project in April this year. This platform is mainly developed to help firms to develop their own Blockchain platforms. The platform will help companies track charity donations, obtain supply chain information and property assessment.
JD.com has been working on several projects related to Blockchain technology. Earlier this year the company announced that it was conducting several trial programs which will help develop its business divisions.
In March JD.com partnered with an Australian beef company to help track importation of Beef on its platform using Blockchain. In June the company also stated that it was planning to start issuing asset-backed securities after it partnered with a brokerage firm and a local bank.
Blockchain technology is becoming popular in the institutional world. The platform is being used to monitor supply chain management of different companies. Earlier this year electronics giant Samsung launched the blockchain platform to monitor its supply chain department.