Chinese e-commerce giant JD.com, Inc., Institute of Software at Chinese Academy of Sciences, and New Jersey Institute of Technology (NJIT) in the U.S. co-launched a joint lab on blockchain research on Oct. 21 in Beijing.
JD.com’s CTO Zhang Chen, Institute of Software’s Deputy Chief Engineer Zhang Zhenfeng, and NJIT’s President Dr. Joel Bloom attended the signing ceremony.
The blockchain lab will focus on the research and application of seven major underlying technologies including the consensus protocol, privacy protection and access control, quantum-resistant cryptographic algorithms, smart contract, trusted computing, audit and supervision, and integration of multi-technology.
It aims to improve the efficiency, stability, and safety of the current blockchain technology, develop more diversified application scenarios, build a blockchain application eco-system around trusted data networks, as well as apply research results to JD.com’s business areas such as retailing, supply chain, and finance.
According to JD.com’s CTO Zhang Chen, blockchain is an integrated application of distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. There are a variety of scenarios in retail that can be drastically improved by the incorporation of blockchain technology. It is promoting a new round of technological innovation and industrial revolution.
During the event, Dr. Zhaoli Meng, Dean of JD Finance Research Institute, presented three case studies: ABS trading platform based on blockchain technology, risk information sharing platform of Internet financial payment security alliance, and debt transfer platform in supply chain finance.
JD.com’s exploration of blockchain technology began years ago. In 2016, blockchain technology was used to keep track of products. As a result, JD.com was able to keep track of more than 500 domestic and overseas brands and bring them to over one million customers.
In March 2018, JD.com released a White Paper on the company’s Practice of Blockchain Technology. Earlier this month, JD.com formally established a blockchain platform and an operation department, focusing on the development of the underlying technology and application of blockchain.