JD.com or Jingdong, China’s greatest retail store right now, has teamed up with pharmaceutical companies for a blockchain technology-based tracing system. The system is called the JD Medicine Open Tracing Solution and uses the efficient blockchain technology used on cryptocurrencies. This is Jingdong’s effort to make the pharmaceutical supply chains in Chiana more transparent when it comes to consumer products.
The JD Medicine Open Tracing Solution was first announced during JD’s 2018 Big Data Summit which was held in Beijing. This tech is available using the JD Blockchain Open Platform and is involved in the production, transportation, storage, medical application, and the sales of drugs. To improve the data collection, Jingdong also uses the Internet of Things solutions and is fronted by a friendly User Interface.
This Blockchain solution will be used in order to track the medicines, especially vaccines, that are being made, stored, and sold to Chinese computers. By using a technology similar to what is known as “ledgers” in the cryptocurrencies, the system will detect if a medicine is different, which means it can be expired or below the safety standards.
Jingdong has made this effort in order to curb the growing fear from the Chinese citizens who are buying pharmaceutical products online or even in physical stores. The surfacing of reports concerning below average products and expired vaccines are the main driver of fear. Chinese citizens are concerned more than ever about the safety of their medicine they consume and where did it come from.
Jian Pei, the head of JD Big Data and Smart Supply Chain, stated that the solution aims to provide the transparency and raise the accountability of those who are in the pharmaceutical industry. This is because those who are accountable can now be easily traced and punished by the law.
Jingdong’s Blockchain Open Platform was launched this year to provide other services in different industries that JD.com is working with. Among these industries are Retail as a Service or RaaS, which functions to leverage and strengthen the supply chain, technology, improve the logistics, and other means to improve JD’s ties to its partners. The first Chinese company to use this system is the China Pacific Insurance Company via their e-invoices.