Chinese e-commerce giant and retailer – JD.com, recently unveiled an open blockchain platform that will help customers to improve the efficiency, transparency, and security of their operations by getting their own blockchain based solutions. The company made an announcement about the new blockchain platform through its corporate blog.
The company expects the new blockchain open platform to:-
- Help its customers to build smart contracts on both public and private enterprise clouds.
- Secondly, to diversify the company’s retail as a service.
Apart from above expectations, according to the company, the blockchain platform will allow different companies to efficiently track the movement of their product, do property assessments, authenticate certifications and obtain digital copyrights. To maintain quality the company keeps an eye on its offerings on the app store to further allow their customers to customize applications.
The application store on the platform includes numerous blockchain base layers and software which are developed officially by JD.com’s internal development team and independent software vendors. The platform will certainly provide assistance to those companies which lack the required skills to develop blockchain solutions on their own.
As per reports, China Pacific Insurance Company (CPIC) is the first company to collaborate with JD.com to make use of the open blockchain platform. To improve the efficiency of the accounting process, a unique blockchain ID will be applied by CPIC on unique invoice document. This implementation of the blockchain ID will certainly help in reinforcing the security of invoices that are generated electronically.
Chief financial officer and vice president of CPIC, Yanhong Pan mentioned that the operational efficiency of the company has improved since the e-invoice system.
Jian Pei, Vice President of Big Data Platform and Products at JD.com mentioned in the blog post that “To improve visibility to customers and to fulfill company’s other operations; the open blockchain platform was developed.”
To keep a record for the development process for food items and products, the company introduced a blockchain platform in 2017 for their customers. The initiative from the company helped in tracing more than 11,000 stocks from more than 400 brands.
The company earlier their year also launched a blockchain and artificial intelligence accelerator popularly called as AI Catapult. After the launch of AI Catapult, the company has developed AI-based applications in China as well as at Silicon Valley lab.
AI Catapult is said to be a Beijing-based accelerator program that targets artificial intelligence as well as different blockchain startups. The first batch of the accelerator program contains six different companies that include Bluezelle (a Singapore based blockchain-powered database service), CanYa (an Australia based cryptocurrency company), Nuggets (a blockchain-based ID platform and payments platform based in London), Bankorus (a Chinese fintech provider), Devery (a blockchain based product verification protocol and Republic Protocol (a decentralized dark pool).
In order to examine different ways of applying blockchain solutions for business usage, JD.com is set to work with certified software providers and authorities.