Chinese online business giant JD.com has released a blockchain-as-a-service platform its first application – one that carefully tracks corporate invoices for one of the biggest traded on insurers in China.
According to a release on Friday, JD.com said the application moves invoice data for Pacific Insurance onto a distributed system at each progression of the issuance cycle, robotizing the procedure and making it noticeable to all members.
Invoices, or usually known as “Fapiao” in China, play an imperative part among organizations in the nation both as a reference for bookkeeping and for taxation reasons.
The objective of the application, as clarified by the web-based business giant, is to support issuance proficiency and to streamline the accounting procedure by keeping the receipt data refreshed on a distributed ledger.
The application comes as the first use case for JD.com’s Blockchain Open Platform which was also reported today.
The blockchain-as-a-service product– took off a long time after the firm reported its plan for the task in April – is intended to help enterprises needing to build up their own blockchain applications, including those for tracking supply chain data, donations for charities, certificate verification and property assessment.
JD.com has beforehand declared a few blockchain preliminary projects within its own business divisions.
In March, the firm joined forces with an Australian beef producer to track the supply chain data of meat import on its platform utilizing blockchain technology. CoinDesk additionally announced in June that JD’s financial services arm intended to issue its asset-backed securities on a blockchain in association with a local bank and business firm.