China’s Jingdong Group (JD.com) Retail Company Launches Blockchain Research Lab

2018-10-31 22:50

Retail Company JD.com Launches Blockchain Research Lab

Jingdong Group, also known as JD.com, is a large Chinese retail company that is looking into the viability of blockchain technology. To make its decision, the company partnered with two technology institutes to launch a research lab. The research labs include Ying Wu College of Computing at the New Jersey Institute of Technology (NIJT) and the Institute of Software at the Chinese Academy of Sciences (ISCAS).

The company provides e-commerce solutions and currently controls over 30 percent of the online market for business-to-consumer products. There are also 314 active users and the company is now turning to blockchain technology to potentially implement finance, e-commerce, and delivery service.

The company’s recent announcement concerning its interest in blockchain technology featured a statement by Zhong Hua, the deputy director of ISCAS,

“Through the partnership we will bring about blockchain innovation and promote industrial applications of blockchain technology.”

A month ago, the company also founded the Smart City Research Institute in Nanjing, which is where it is headquartered. The research institute is designed to promote the development of the construction of a “smart city” that will use artificial intelligence, blockchain technology, and big data. The institute will also influence the “entire East China region,” and is geared toward mitigating costs and improving efficiency.

The company also introduced its new service, BaaS (Blockchain as a service), which the company calls “Blockchain Open Platform.” The new platform is meant to aid commercial customers in developing, hosting, and implementing blockchain solutions and they don’t even need to start from scratch. The company also introduced its aim to provide asset-backed securities on a blockchain with two other companies, Hutai Securities and Zingye Bank. Such a collaboration may be able to enhance asset security and enable the platform to review blockchain’s overall potential.

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