JD.com, Chinese retail giant is gaining more grounds in Blockchain technology. The firm launched a research lab for Blockchain. This was done in collaboration with two different technology institutes.
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The announcement
The unveiling was published on Oct. 30. The firm, Jingdong Group, is a leading e-commerce company in China that controls up to thirty percent of the business to consumer market in China. This only applies to the online market, and it has close to 314 million active users as reported by Financial Times. Presently, the company is focusing on the implementation of new technology in e-commerce, finance and delivery services.
From the announcement, the company revealed that it has collaborated with the Institute of Software at the Chinese Academy of Sciences (ISCAS) and the Ying Wu College of Computing at the New Jersey Institute of Technology (NJIT) to establish a lab for blockchain tech. The lab is geared towards providing solution to efficiency problems and examining new applications for technology.
Objectives of the lab
Among other things, JD states that the lab would focus on long-term joint research in privacy protocols, fundamental consensus protocols, and security in decentralized apps. The deputy director of the Software Institute of the Chinese Academy of Sciences, Zhong Hua said,
“Through this partnership, we will bring about Blockchain innovation and promote industrial applications of Blockchain technology.”
In the previous month, JD has established a Smart City Research Institute. It is situated in Nanjing and is aimed at promoting the development of smart city construction using artificial intelligence, Blockchain and big data technologies. This institute will influence the east China region and plans to reduce industry costs while increasing efficiency.
Two months ago, the company revealed that blockchain as a service platform called JD Blockchain Open Platform. This product is built to help customers host, build, and implement Blockchain solutions without any advanced knowledge of the technology.
Also, in August, the company announced plans to issue securities backed by assets on a blockchain. It was offered in conjunction with Xingye Bank and Huatai Securities.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
