Blockchain Platform For Enterprises Developed By Chinese Online Retail Giant JD.com

Blockchain, News | August 17, 2018 By:

Chinese e-commerce firm JD.com has developed a new blockchain platform to help enterprise customers build, host and use their own blockchain applications.

Headquartered in Beijing, JD.com is one of the two largest B2C online retailers in China by transaction volume and revenue. It is a member of the Fortune Global 500 and a major competitor to Alibaba-run Tmall. As of September 2017, the platform has 266.3 million active users.

Called JD Blockchain Open Platform, the platform enables companies to create and adjust smart contracts on public and private enterprise clouds with ease. It is designed with “one-click deployment” making it accessible to enterprises even if they do not have the capability to develop their own blockchain solutions.

Built on multiple underlying technologies, the Blockchain Open Platform is part of JD’s latest Retail as a Service (RaaS) push, in which the company is offering its technology to other companies outside of the JD ecosystem. It houses an application store that provides multiple blockchain bottom layers, tools and software.

“The technology can help companies streamline operational procedures such as tracking and tracing the movement of goods and charity donations, authenticity certification, property assessment, transaction settlements, digital copyrights, and enhance productivity, the company said. “JD implements stringent quality control over the offerings on the app store, enabling users to safely and conveniently customize their applications to suit their business needs. The company will continuously enrich its application offerings by introducing more ISV and creating a robust Independent Software Vendors (ISV) community on the platform.”

The first JD partner to to utilize the new platform is China Pacific Insurance Company (CPIC). The insurance firm used the platform to deploy a traceable system for “fapiao,” a legal receipt that serves as proof of purchase for goods and services. According to JD, the platform strengthens the security governance of e-invoices by applying unique blockchain IDs to each document, increasing efficiency and streamlining the accounting process.

Jian Pei, head of big data and smart supply chain at JD.com, said that the Blockchain Open Platform is a culmination of the expertise and experience in blockchain technology that they initially developed for their own operations, to provide more visibility to consumers.

“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,” Pei said.

Yanhong Pan, vice president and CFO of CPIC, said they are confident JD’s new blockchain platform will create greater efficiency in their operations.

“Blockchain technology is transforming the way companies do business, and we are pleased to have found a great partner in JD to guide and help us along the way,” Pan said.

JD has already made multiple forays into blockchain applications. Last year, the company introduced its blockchain tracing platform that enables customers to track and trace the source and development process of the products and food they purchase. To date, the blockchain tracing platform has been implemented in more than 400 brands and 11,000 SKUs on JD.com.

In June of this year, JD unveiled plans to use blockchain to facilitate investment in asset-backed securities (ABS).