Chinese e-commerce giant JD.com has launched a blockchain-as-a-service platform alongside its first app – one that digitally tracks corporate invoices for one of the largest publicly traded insurers in China.
According to a release on Friday, JD.com said the application moves invoice data for Pacific Insurance onto a distributed network at each step of the issuance cycle, automating the process and making it visible to all participants.
Invoices, or more commonly known as “Fapiao” in China, play an important role among businesses in the country both as a reference for bookkeeping and for taxation purposes.
The goal of the app, as explained by the e-commerce giant, is to boost issuance efficiency and to streamline the accounting process by keeping the invoice data updated on a distributed ledger.
The application comes as the first use case for JD.com’s Blockchain Open Platform which was also announced today.
The blockchain-as-a-service product – rolled out months after the firm announced its plan for the project in April – is designed to aid enterprises wanting to develop their own blockchain applications, including those for tracking supply chain information, charity donations, certificate authentication and property assessment.
JD.com has previously announced several blockchain trial programs within its own business divisions.
In March, the firm partnered with an Australian beef producer to track the supply chain information of beef import on its platform using blockchain technology. ExposedCrypto also reported in June that JD’s financial services arm planned to issue its asset-backed securities on a blockchain in partnership with a local bank and brokerage firm.
JD.com image via Shutterstock