JD Digits Launches the First Blockchain Data Service in China
JD Digits, the fintech arm of JD.com, announced that it has launched two SaaS applications, the Blockchain Anti-counterfeiting Traceability Solutions and the Blockchain Digital Certificate Storage Solutions.
As part of the company's blockchain efforts, JD Digits, the fintech arm of JD.com, announced that it has launched two SaaS applications, the Blockchain Anti-counterfeiting Traceability Solutions and the Blockchain Digital Certificate Storage Solutions, through cooperating with JD Cloud Business.
While the blockchain technology is still in its infancy, internet giants and emerging startups have been exploring its real-world applications in addition to secured payments. One such application is to solve counterfeiting. Amid the increasing fake goods observed in luxurious consumer products, electronic products and even food and medicines, the blockchain technology enables users to fully track down the production process and the supply chains. Such information is recorded on the blockchain by all parties such as manufacturers, franchisers, quality control institutions and delivery companies and is stored separately in each node without the ability to modify.
JD's consumers can easily find out that information by scanning the bar codes on either JD mobile app or WeChat due to its close relationship with Tencent. As of now, there are over 700 brands, 60 thousand SKUs and 1 billion encrypted data on JD's Blockchain Anti-counterfeiting Traceability platform, according to the company. Its biggest competitor, Alibaba, has also leveraged blockchain to trace the imported goods, particularly drugs, on its Tmall International segment.
More importantly, JD Digits and JD Cloud Business announced to launch the real-time analytics BDS (Blockchain Data Service) ahead of other players. As data on the blockchain is ordered in time series, it can get messy with mountable data. BDS offers a search engine that allows users to look up real-time information efficiently and business intelligence tools to visualize data.
In five years, JD Digits has become a leader in data processing and data mining with the core strengths in AI and IoT technologies and is serving individuals, supply chain finance companies, insurance companies and banking institutions in China.