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New blockchain platform from JD.com

Chinese retail giant JD.com has launched an open blockbuster platform. Such a solution should increase the transparency, efficiency and security of operations, and also allow customers to find their own solutions for correcting mistakes when placing orders.

The JD Blockchain Open Platform expands the retail network and enables users to build smart contracts at both private and corporate enterprises. The platform will provide an opportunity for the company to optimize tracking of product movements, property valuation, digital copyrights and certificates of authenticity.

The new trading platform includes an application repository offering software and numerous basic block layers developed by independent software vendors and the internal development team of JD.com. The platform will be especially useful for companies that do not have the ability to independently develop a blockchain application.

China Pacific Insurance Company (CPIC) became the first partner of JD.com, using the open blockchain platform. The insurance company applies a unique block-identifier in each document, increasing efficiency and simplifying the accounting process. According to Yanhon Pan, vice president and chief financial officer of CPIC, the new electronic accounts system increased operational efficiency in the company.

Recall, this is not the first development of the company based on block technology. Last year, the company introduced a blockchain-platform that allows customers to track the development process of the products they buy.

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