2018-11-1 15:59 |
Founded in 1998, the third largest internet company JD.com has announced it will be launching a blockchain research lab. The retailer is China’s largest internet company and ranked only behind Amazon and Google on the global scale. Despite being a Chinese internet company, the retailer is not turning a profit and showed an operating loss of $327 Million in 2017. The blockchain lab will be a collaborative project with the Ying Wu College of Computing and the Institute of Software at the Chinese Academy of Sciences (ISCAS).
Why Blockchain Technology?Why is the third largest online retailer delving into decentralized technology? The answer lies in the origins of the company. The company was started by the CEO Richard Liu with the vision to supply high-quality Chinese goods to even China’s less developed regions. Logistic and supply infrastructures were lacking when JD.com was launched, so the company built their own infrastructure which now extends to 99% of China.
JD.com sees blockchain technology as holding the potential to make industrial systems such as their own infrastructure more efficient, stable, and secure. The lab will initially be looking at researching consensus protocols, privacy protection, and security. The overarching goal of the lab is to focus on the most significant challenges hindering the adoption of technology and explore applications.
JD.com is not just looking at blockchain technology to make their systems more efficient and secure. The company has also been investing resources into a team of engineers researching A.I., robotics, drones, and autonomous vehicles.
Can JD.com Do It?The issues the lab will be solving are some of the most difficult challenges that blockchain technology is currently facing, and there are some of the smartest engineers and computer scientists in the world working on solutions to these issues. This collaboration adds extra talent to tackle these problems. The lab will be headed by Dr. Jian Pei, President of JD Big Data, and Assistant Professor in the Ying Wu College of Computing Dr. Qiang Tang, along with Dr. Zhenfeng Zhang, Vice Chief engineer at ISCAS.
Any useful findings found by the lab will likely be released for wide industrial use. JD.com will be at the forefront to benefit from any innovations found by the blockchain lab. American depositary shares of JD.com are currently trading at around $23.23 with a market capitalization of $26.93 Billion.
Third Largest Online Retailer to Venture Into Blockchain Technology was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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