- The blockchain lab will try to formulate solutions for the efficiency and scalability challenges hampering mass adoption of DLT
- The blockchain lab will be headed by experts in the field of blockchain technology and cryptography, including president of JD Big Data and Smart Supply Chain, Dr. Jian Pei
In a bid to solve the efficiency and scalability challenges facing distributed ledger technology (DLT), China’s largest retailer, JD.com, in collaboration with the Ying Wu College of Computing at the New Jersey Institute of Technology (NJIT) and the Institute of Software at the Chinese Academy of Sciences (ISCAS), have launched a blockchain technology laboratory, according to a press release on October 30, 2018.
Leading The Blockchain Technology Movement
Distributed ledger technology (DLT), the revolutionary system that functions as the building blocks of bitcoin and other digital currencies, is disrupting legacy systems for good, fostering more efficiency and productivity for firms that integrate it.
Though still in a nascent stage, with quite many limitations and bottlenecks, China’s e-commerce giant JD.com and two highly reputed institutions of higher learning, the Ying Wu College of Computing at the New Jersey Institute of Technology (NJIT) and the Institute of Software at the Chinese Academy of Sciences (ISCAS), have however joined forces to make DLT better.
The team has created a blockchain technology laboratory that will primarily focus on formulating measures to eliminate all efficiency and stability challenges posing as hindrances to broader adoption of the groundbreaking technology, while also exploring new use cases for DLT.
As stated in the press release, the research team will conduct a multi-year collaborative study of fundamental consensus protocols, privacy protection, security in decentralized applications (dApps) and more.
Importantly, the joint blockchain technology laboratory will be led by some cryptographers and blockchain technology experts, including Dr. Jian Pei, the president of JD Big Data and Smart Supply Chain, Dr. Qiang Tang, assistant professor in the Ying Wu College of Computing at NJIT and Dr. Zhenfeng Zhang, vice chief engineer at ISCAS.
No Love for Cryptocurrencies
While China has since placed a blanket ban on initial coin offerings (ICOs), cryptocurrency exchanges and bitcoin trading, the nation has actively embraced blockchain technology.
Commenting on the new development, Dr. Pei reiterated that JD.com is a frontrunner in the use of DLT and it remains dedicated to exploring its potentials and contributing to the growth of blockchain technology via strategic partnerships.
“With more than 300 million customers, JD.com recognizes the pivotal role DLT plays in improving transparency in the supply chain and delivering greater peace of mind to Chinese consumers about product quality and safety,” he concluded.
China remains determined to become a blockchain technology heavyweight despite not having the love for cryptos.
On October 9, 2018, Blockchain Reporter informed that China’s Electronic Standardization Institute (CESI) is planning to release three blockchain standards on smart contracts in November 2018.