ICBC China’s biggest bank and e-commerce giant JD.com have worked together to develop a supply chain finance solution based on digital RMB smart contracts. This marks one of the first business applications of smart contracts for central bank digital currency (CBDC) payments.
The collaboration between JD.com and ICBC has showcased how supply chain finance can be automated using digital RMB. With the use of CBDC and smart contracts, JD.com was able to directly and instantly pay its suppliers, eliminating the need for bank settlement delays. This innovation has enabled the company to work directly with multiple financiers without relying on third-party providers.
