JD Finance, a division of Chinese e-commerce giant JD.com, has set-up the Smart City Research Institute at its headquarters in Nanjing as reported by People’s Daily on 28th September.
A Chinese e-commerce company, Jingdong Group (JD.com) actively focuses on new technological implementation in e-commerce, finance, and logistics. With the launch of the new Institute, JD.com aims to support the development of “smart city” construction through the use of artificial intelligence (AI) big data, and blockchain technologies.
The company’s first regional headquarter is based in Nanjing that will influence “the entire East China region” and aims to diminish industry costs and enhance efficiency. According to the report, the company’s main priorities are: “Advanced Intelligent solutions in the areas of urban environment, transportation, planning, energy consumption, commerce, security, healthcare, credit cities, and e-government.”
Amid this, JD.com has introduced the application of blockchain technology in various aspects of its business ranging from logistics and supply chain to launching blockchain asset-backed securities.
In August 2018, JD.com disclosed its new Blockchain-as-a-Service (Baas) platform. The new tool namely JD Blockchain Open Platform, will supposedly enable businesses to create, host and execute blockchain solutions without developing the technology from scratch.
Recently, a Chinese conglomerate having numerous operations in banking, insurance and financial services and one of the world’s largest insurance company groups called Ping An Insurance circulated a “White Paper on Smart Cities,” with the mission to support the government to build a new model of ‘city as a service’ governance.”