JD Finance has established a Smart City Research Institute that aims to facilitate the development of “smart city” construction with the use of artificial intelligence (AI), big data, and blockchain technologies.
JD Finance which is a subsidiary of the Jingdong Group (JD.com), will situate the new institute at the company’s headquarters in Nanjing, China.
Jingdong Group (JD.com) is a Chinese e-commerce company that focuses on new technological implementation in e-commerce, logistics, and finance. More so, it has continued to apply blockchain technology to its business in a bid to boost it, from its logistics and supply chain, to issuing blockchain asset-backed securities.
The company’s first regional headquarters in Nanjing will influence “the entire East China region” and aims to reduce industry costs and increase efficiency. The report states that the company priorities are:
“Advanced Intelligent solutions in the areas of urban environment, transportation, planning, energy consumption, commerce, security, healthcare, credit cities and e-government.”
In August, JD.com revealed its new Blockchain-as-a-Service (BaaS) platform, also known as JD Blockchain Open Platform, will enable businesses to build, host and implement blockchain solutions without having to develop the technology from scratch.
Last month, a Chinese conglomerate with operations in insurance, banking, and financial services, Ping An Insurance, released a “White Paper on Smart Cities,” which aims to “help the government to create a new model of ‘city as a service’ governance.”