China’s largest online retailer JD.com has partnered with Fortune Global 500 International Trade Group (ITG) Holding to build a blockchain contract signing platform. The platform JD E-sign aims to reduce time, effort, and costs associated with paper contracts and in-person signing. It will be used by state-owned ITG’s core business, which includes supply chain management, commodities processing and trading and financial services.
The blockchain technology was developed by JD Digits, JD.com’s fintech division, and will be based on JD’s electronic cloud contract platform. It will enable the e-signing of various contract types, including mortgage letters and sales orders, featuring real-name authentication and a verified time-stamp.
Through the platform, users can electronically sign contracts which, with proper authorization, are digitally filed on the blockchain and simultaneously stored in various judicial institutions that will register the document’s legality. China has internet courts for dispute resolution, and the signed contract also goes to the Beijing and Guangzhou Internet Courts and the Beijing Notary Office. Once the client consents, the contracts will be available for search and viewing by relevant parties either online or through a WeChat mini program.
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