Chinese JD.com launches blockchain platform
Saturday, 08 18 2018, Category: Technology, Country: China
Chinese retail giant JD.com Inc. announced today that the company is launching a new distributed ledger blockchain technology platform aimed at enterprise customers to help them build, host and use their own blockchain applications.
The platform, known as the JD Blockchain Open Platform, is designed so that enterprise customers can easily create and adjust smart contracts running on public and private clouds.
Blockchains are a highly distributed, tamperproof ledger technology that uses cryptography and peer-to-peer consensus to secure an auditable history of transactions. Using this capability, JD.com’s platform would allow companies to streamline data management and operations such as tracking the movement of goods, charity donations, authenticity certification, property assignment, transaction settlements, digital copyrights and more.
“JD Blockchain Open Platform is a culmination of the expertise and experience in blockchain technology that we initially developed for our own operations, to provide more visibility to consumers,” said Jian Pei, head of big data and smart supply chain at JD.com.
The JD Blockchain Open Platform operates as a service accessible to enterprise customers and is designed with the concept of “one-click deployment” in mind. Applications, tools and software for the platform are developed in-house by independent software vendors and vetted by JD.com, which can then be implemented by enterprise users without the need for expert knowledge in blockchain or development.
As part of the announcement, JD.com also said the company’s first partner to use the new platform is China Pacific Insurance Co., which has used the platform to deploy a system to trace e-invoices, or “fapiao,” the official receipts required in China for businesses.
CPIC uses the system to reduce paperwork by applying a unique blockchain ID to each document. Thus, it increases the efficiency of the accounting process by reducing human error and providing a trustworthy, auditable historical trail to help reduce fraud.