JD.com has announced the smart city research institute to build smart cities using blockchain, big data, and artificial intelligence (AI). The company has rapidly been expanding its operations in blockchain technology. In August, it launched an enterprise-level blockchain platform to provide DLT solutions to large companies. The JD Blockchain Open Platform allows companies to build, host and create DLT services without having to start from scratch. JD.com also intends to leverage DLT to market asset-backed securities in China.
JD.com and the smart city research institute
The JD.com AI and blockchain headquarters are to be located in Nanjing. JD.com is a major Chinese company with a focus on eCommerce, logistics, and finance. The aims of the new research project are –
“Advanced Intelligent solutions in the areas of urban environment, transportation, planning, energy consumption, commerce, security, healthcare, credit cities and e-government.”
The news was first reported in a local Chinese news outlet called People’s Daily. It is said to be JD’s first research and development center in the country, and its primary focus will be on the East China region. JD Finance is the financial affiliate of JD.com who are technically responsible for the research institute. It is reported to be seeking a domestic IPO.
Smart cities in China
Smart cities are fast becoming not just an area of interest, but a planetary necessity. With dwindling resources, DLT needs to be leveraged, so goods and services are utilized with maximum efficiency. China is ahead of the curve when it comes to smart city development, and is actively advancing in the field, quite possibly due to the overpopulation issue in the country.
Recently, Ping An (P), Alibaba (A), Tencent (T), and Huawei (H) formed the PATH Initiative to create smart cities in China and across the globe. These are all major private Chinese companies, each with unique strengths. Ping An are experts in blockchain, AI, and cloud software, as well as being a large insurance provider. Tencent is a large social media and communications related company. Huawei supply hardware and networking services. Alibaba brings logistics and the Alipay payment processor.
This collaborative approach to smart cities is not being seen in Western regions. The Chinese government is working with these major companies to build smart cities, and China already has a designated blockchain based smart city where new concepts are being tested and lived. It is the biggest public works project in Chinese history, and Xiongan is collecting data to make every industry as efficient as possible. Additionally, a Chinese company known as CyberVein has also created a new way to share and monetize data which has massive applicability to smart city data storage.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.