JD.com establishes institute to build smart cities using AI and blockchain

JD Finance, the finance affiliate of JD.com, has set up the Smart City Research Institute at its headquarters in Nanjing, CoinTelegraph reported referring to a report from People’s Daily.

It is the first regional headquarter and R&D center of JD.com in the country. The new institute will focus on facilitating the development of “smart city” by leveraging advanced technologies including artificial intelligence (AI), big data, and blockchain technologies.

The institute will aim to enhance efficiency and reduce industry costs with primary focus on “the entire East China region”.

The company’s priorities include developing “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 launched “JD Blockchain Open Platform” – a new blockchain platform that will cater to enterprise customers. The company also introduced a blockchain-based traceability platform last year that enables customers to track and trace products and food along the supply chain.

JD Finance, which offers consumer credit and wealth management products, raised $1.9 billion in July from a number of Chinese financial giants including CICC Capital, brokerage China Securities, private equity firm Citic Capital and BOCGI, Reuters reported. It is reportedly planning to seek a domestic initial public offering.