China's e-commerce giant JD.com has launched a blockchain-as-a-service platform alongside its first app, one that digitally records corporate bills for one of China's largest publicly traded insurers .
According to a Released Friday, JD.com said that the application transfers Pacific Insurance billing data to a distributed network at each stage of the emission cycle, automating the process and making it visible to all participants.
Invoices, or more commonly known as "Fapiao" in China, plays an important role among companies in the country both as a reference for accounting and for tax purposes.
The goal of the app, as explained by the e-commerce giant, is to increase the efficiency of the issue and streamline the accounting process by keeping the invoice data up-to-date. on a distributed ledger.
The application is presented as the first use case for JD.com's Blockchain Open Platform, which was also announced today.
The blockchain-as-a-service product – launched months after the company announced its plan for the project in April – is designed to help businesses looking to develop their blockchain applications, including those for monitoring of supply chain information, charitable donations, certificate authentication and property valuation.
JD.com has already announced several blockchain test programs within its corporate divisions.
In March, the company worked with an Australian beef producer to track information on the supply chain of beef imports on its platform using blockchain technology. CoinDesk also reported in June that JD's financial services arm planned to issue asset-backed securities on a blockchain in partnership with a local bank and brokerage firm.
Image of JD.com via Shutterstock