JD Digits supporting digital transformation

JD Digits is supporting small and medium-sized enterprises (SMEs) by providing them with free blockchain-enabled electronic contracts and helping them obtain more convenient financing services after the epidemic.

As a major infrastructure in the digital economy era, blockchain technology has gradually become a key tool for the digital transformation of small businesses, which were hit hard by the COVID-19 crisis.

To optimize the business environment for SMEs, JD Digits has launched an inclusive, cloud-based signing plan to provide them with free blockchain-uderpinned electronic contracts.

The smart contract platform saves companies from making repeated communication of contract details, printing multiple copies of contracts, long period of application for stamping as well as multiple rounds of sending and receiving contracts.

Blockchain technology is used to record the whole process of electronic contract signing, such as user’s real-name authentication, digital certificate acquisition, data creation, signing and transmission, so as to ensure the safety and reliability of electronic contracts.

Based on its security, credibility and traceability, blockchain also plays a role as a "connector" in digital finance, JD Digits said.

To facilitate SMEs financing, the firm realized the credit circulation of core enterprises along the supply chain under accounts payable through blockchain technology, so as to alleviate the funding pressure of small companies and help them better resume production after the epidemic.

With the technology, transaction information of relevant enterprises can be verified and traced back, which can improve the efficiency of confirmation, circulation and financing of accounts receivable and enhance risk management.