The Chinese retail giant JD.com is further conquering a staple in blockchain technology by launching a blockchain research laboratory in collaboration with two technology institutes, according to an announcement published on October 30th.
Jingdong Group (JD.com) is a leading Chinese e-commerce company, which controls about 30% of the online business-to-consumer market in China with 314 million active users, according to Financial Times. The company focuses on the implementation of new technologies in e-commerce, delivery services and finance.
According to the announcement, JD collaborated with the Ying Wu College of Computing at the New Jersey Institute of Technology (NJIT) and the Institute of Software at the Chinese Academy of Sciences (ISCAS) to establish a blockchain technological laboratory. The laboratory will be oriented towards solving efficiency problems and examining new applications for technology.
Among other laboratory goals, JD cites long-term joint research efforts in fundamental consensus protocols, privacy protection and security in decentralized applications (DApps). Zhong Hua, deputy director of the Software Institute of the Chinese Academy of Sciences, said that "through this partnership we will bring blockchain innovation and promote industrial applications of blockchain technology".
Last month, JD set up the Smart City Research Institute at its headquarters in Nanjing to facilitate the development of "smart city" construction with the use of artificial intelligence (AI), big data and blockchain. The institute will influence "the entire region of eastern China" and aims to reduce the costs of the sector and increase efficiency.
In August, JD revealed its new Blockchain-as-a-Service (BaaS) platform called the JD Blockchain Open Platform. The new product is designed to help commercial customers build, host and implement blockchain solutions without having to develop the technology from scratch.
In addition, in August the company disclosed plans for the issuance of asset-backed securities (ABS) on a blockchain in collaboration with Huatai Securities and Xingye Bank. In the area of collaboration, partners would presumably evaluate the potential for blockchain to improve asset security.