JD.Com Inc (ADR) (NASDAQ:JD) has made clear its intention to employ blockchain in the marketing of the Asset-Backed Securities (ABSs) in the republic of China. China’s Securities Regulatory Commission (CSRC) has an outlet called Securities Times and it is the one that made the announcement.
The company’s spokesperson disclosed that they were going to partner with Xingye Bank and the Huatai Securities in the unveiling of their ABS program. According to him, blockchain created the sort of asset security that was required in making the program a momentous success.
Several journalists pushed him to provide more details regarding the type of assets that would be securitized but he declined. Looking at the nature of the business it was easy to tell that the consumer debt was going to be offered.
The establishment of Center for Blockchain Research
Anyone that closely follows on the latest developments of the business guru will attest to the fact that this is not the first instance that blockchain has been used to market debt. And neither is it the first time the company has resorted to blockchain towards the creation of reliable oversight for valuable goods. The fact that blockchain creates a nearly indelible record makes it the best tool when it comes to the recording of ownership or the establishment of a chain of custody.
Both JD.com and Alibaba Group Holding Ltd (NYSE:BABA) are seeking to establish several ways to use blockchain in a bid to make the various Chinese food supplies safer. In several instances China has come across circumstances where there were fraudsters seeking to take advantage of its growing middle class through the provision of counterfeit edible products and contaminated food.
It was some time ago that Stanford established the Center for Blockchain Research and its goal was to look into ways blockchain technology could end up transforming the traditional business interactions.
Cryptography and computer security expert Boneh in one of his latest interviews stated that as we progress blockchains were going to get increasingly critical in line with the undertaking of business activities around the globe. Looking at the current state of affairs it is easy for a lot of people to agree with the official.