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Blockchain

China to Use Blockchain and Artificial Intelligence for Smart Cities

JD finance, the financial subsidiary of a Chinese e-commerce company, JD.com, offers financial services to individuals and businesses. The fintech arm of JD.com, that deals mainly in financing loans, asset management, payment solutions, and crowdfunding, has opened a smart city research institute in Nanjing. By using blockchain technology, artificial intelligence, and big data, JD.com aims to ease the construction of a smart city with its latest research institute established at its headquarters.

The Chinese e-commerce company has taken the assistance of blockchain technology in reducing industrial costs and increasing efficiency like many other Chinese companies.  Ken Dong, the founder of IyueDan, Asian freelancing marketplace, and chief adviser of YouDeal, a blockchain-enabled marketplace for sharing economy, has suggested a blockchain model suitable for countries.

Upon inquiry about countries that implemented this suitable model, Ken told BlockPublisher;

Various (countries) at different speeds and with different priorities. They’ve been used in China to prevent academic and tax fraud, with cooperation with private companies. Bahamian govt actively works with education and tourism sectors for use, and so on. Different models and approaches.

JD Finance has served China’s fintech enterprises and contributed the fintech ecosystem by launching products such as Jingbaobei, Baitiao, JD Wallet, JD Finance APP, and Xiaojinku. It has extended its expertise to several types of businesses that include supply chain finance, consumer finance, crowdfunding, asset management, payment solutions, insurance, and securities.

JD Finance had been affiliated with blockchain technology in the past as well. It launched blockchain-as-a-service (BaaS) platform in order to make blockchain applications easy for several departments. With BaaS, blockchain applications could be built without starting from the scratch. In this way, BaaS helped businesses to implement and develop blockchain based solutions very comfortably.

JD finance has been trying to increase the efficiency and productive outcomes by digitizing the economy substantially. Chen Shengqiang, CEO of JD Finance, confirmed the urge to digitize economy at Digital China Construction Summit where he said:

Jingdong Finance can use its digital capabilities in financial services to serve manufacturing and agriculture until the entire real economy is digitized.

Besides JD Finance, Ping An Insurance also encompassed blockchain, artificial intelligence and big data technologies to implement the idea of smart cities. Moving forwards, Chinese companies are aiming to extend the use of blockchain technology in diverse domains.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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