JD, a Chinese online retailer, has recently launched a blockchain-as-a-service platform to go with its first app. The app digitally tracks corporate invoices for the largest publicly traded insurers in the country.
According to a resent statement, JD said the application moves invoice data for Pacific Insurance onto a distributed network at each step of the issuance cycle, automating the process and making it visible to all participants.
Invoices, or more commonly known as “Fapiao” in China, play an important role among businesses in the country both as a reference for bookkeeping and for taxation purposes.
The goal of the app, as explained by the e-commerce giant, is to boost issuance efficiency and to streamline the accounting process by keeping the invoice data updated on a distributed ledger.
The application comes as the first use case for JD‘s Blockchain Open Platform which was also announced today.
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