JD.com, one of China’s largest online shopping destinations, has officially launched one of its biggest blockchain projects which will be used by Pacific Insurance to help track and record invoices.
With Pacific Insurance being a publicly traded insurance company, the blockchain service developed by JD.com.
JD.com remains one of the market leaders in the online commerce scene. Compared to Amazon, the company accounts for Billions of Dollars worth of sales in China with satellite sites such as Joybuy enjoying prominent sales in the Europe area. Jd.com currently allows a huge number of third party sellers and individual suppliers to operate on the platform. The blockchain service will prove essential in a corporate sense allowing efficient invoicing to meet the legal and financial requirements outlined in Chinese law and to comply with any audits which may occur.
“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. “As we continue to open our technology and infrastructure up to other companies, we are pleased to have CIPC as our first blockchain platform customer.”
This isn’t the first time the commerce giant has dabbled in blockchain technology a, as previously in partner shit with InterAgri (a beef supplier located in Australia) to allow tracking of beef imports into China. As stated by the company, fulfillment of consumer expectations has become key to success and allowing supply chain information to be easily tracked and traced has allowed customers further piece of mind with regards to the quality and origin of their produce.
To conclude, JD.com is currently in the process of launching a blockchain based invoicing service for Pacific Insurance.