JD.com launches China’s first blockchain business license product

Zhizhen Blockchain, the open blockchain platform of China’s e-commerce giant JD.com, launched the country’s first blockchain business license with the Administration for Industry and Commerce of Suqian, the hometown of JD’s founder and chief executive officer Liu Qiangdong.

All vendors in Suqian that are on JD.com’s e-commerce platform have uploaded their information onto the blockchain.

Suqian Administration for Industry and Commerce signed a memorandum with JD.com on August 16 on “building the new ecosystem of the Internet economy.” According to the memorandum, the blockchain business license platform will pave the way for a digital seal and invoice in the future.

The blockchain business license product will also aid the newly implemented China’s e-commerce law, which holds e-commerce platforms responsible for fake products sold on the platforms. To achieve this, e-commerce platforms are required to verify the information of the vendors and service providers and update the database periodically.

Cui Jia, director of JD.com’s business innovation department said the current print and digital version of business licenses are mainly for recording companies’ static information, while the blockchain license can record every change a company makes on its business status.

JD.com started to invest in blockchain technology in 2016 and built the blockchain open platform to provide services to cooperate clients.

Despite a very rigid attitude towards cryptocurrency, Chinese governments have been advocating the development and application of blockchain technology. The Ministry of Industry and Information Technology of China issued the country’s first blockchain white paper in May, acknowledging the new tech’s innovation and the possible positive influence on China’s economy.