The recent affairs in the cryptocurrency market of China are foreseeing the opening up of a new blockchain platform. The driving force behind this platform, JD.com, is probably the largest e-commerce provider and retailer in the country. The wide open blockchain shall look to enable customers to develop their own tech solutions that might improve transparency. Besides, this initiative is also an effort to increase the security and efficiency of users’ operation in the blockchain.

This announcement is a good news as companies will be able to streamline the product tracking of the property assessments along with digital copyrights and authenticity certifications of the users. This will further enhance quality control of the offerings on the app store that will allow users to customize applications.

As a vital part of this step, the open platform from JD.com will help the company expand its Retail as a Service offering. It will also allow the customers to create smart contracts in public as well as private enterprise clouds.

New Offerings Available

For a start, the platform will have an application store offering numerous blockchain layers created by individual software vendors.

The CPIC or China Pacific Insurance Company is the first partner in this initiative and looks to apply a unique blockchain ID to every invoice. This will improve efficiency, and streamline the overall accounting process. A rise in security governance of electronic invoices is surely in the cards.

The facts become more evident as Jian Pei, a JD.com VP, recently said that the open platform was initially developed to improve the company’s visibility to customers.

Blockchain Innovation Continues

As of now, the opening up of a new blockchain is an epitome of new innovations in this field. We know that earlier JD.com launched the AI Catapult, which is regarded as an artificial intelligence accelerator.

The previous year, the company also introduced a blockchain that allowed customers to track the development process of food and products they buy. The initiative created a tracing system that analyzed as much as 11,000 stock keeping units across 400 brands.

To continue progressing on the road to blockchain future, JD.com also plans to work with certificate authorities and software vendors. This will give rise to different ways of applying blockchain for efficient business uses. With the likes of enterprise resource planning, there is much more one can expect from the company. The company has a knack for introducing ground-breaking technologies and will continue to do so in future.