Chinese E-commerce Giant JD.com Opens Institute To Develop Blockchain Solutions For Smart Citiesbr>
JD Finance, a division of Chinese e-commerce giant JD.com, has established a new research institute that will focus on facilitating the development of “smart city” using blockchain and other advanced technologies.
The Smart City Research Institute, which was founded at JD.com’s Nanjing headquarters, will be leveraging artificial intelligence (AI), big data, and blockchain technologies to develop solutions pertaining to urban environment, transportation, planning, energy consumption, commerce, security, healthcare, credit cities, and e-government.
According to the People’s Daily report, the new institute will aim to enhance efficiency and reduce industry costs with primary focus on “the entire East China region.”
JD.com, one of the two largest B2C online retailers in China by transaction volume and revenue, has already made multiple forays into blockchain applications. Last year, the company introduced its blockchain tracing platform that enables customers to track and trace the source and development process of the products and food they purchase.
In August of this year, JD.com launched a Blockchain-as-a-Service (BaaS) platform to help enterprise customers build, host and use their own blockchain applications.