Mega-retail corporation JD.com is further investigating into the blockchain industry with new research lab.
The Chinese firm is teaming up with the New Jersey Institute of Technology (NJIT) and the Institute of Software at the Chinese Academy of Sciences (ISCAS) in order to launch the lab, according to an announcement published by Global News Wire. The lab will be focused on resolving issues which are restricting blockchain use, such as efficiency and stability challenges. According to the announcement, this will include take research effort over years and put it into basic consensus protocol sytems, privacy protection and security in decentralized applications (dApps).
The new lab will be headed up by the president of JD.com Dr. Jian Pei, NJIT assistant professor Dr. Qiang Tang and vice chief engineer at ISCAS Dr. Zhenfeng Zhang. Dr. Tang and Dr. Zhang both hold a wealth of knowledge in blockchain and cryptography.
Regarding the launch of the new technology lab, Dr. Pei said:
“JD.com is a pioneer in the utilization of blockchain technology, and we are dedicated to exploring its potential by investing in the growth of the blockchain ecosystem through key strategic and research partnerships. Our partnership with NJIT and ISCAS will leverage our respective strengths and resources to drive the continued development of this cutting-edge technology and its wider deployment across many industries.”
President of the New Jersey Institute of Technology Dr. Joel S. Bloom also commented on the matter, saying that the firm is excited to be partnering with one the leading retail companies in the world in order to work on innovative blockchain and cybersecurity technologies:
“Working with strong international partners is a clear recipe for success in this endeavor. We look forward to working with JD and ISCAS to develop many different blockchain applications for a wide range of industries.”