Things haven't always been rosy in China where cryptocurrency and blockchains are concerned. That may be changing. One of the largest retailers in China announced on October 30 that it would begin its own research and development into blockchain applications. specializes in online retail for Chinese consumers. The company is owned by the Jingdong Group, a firm that excels in e-commerce development. More than 300 million people in China use to make online purchases. Jingdong Group has always taken a proactive stance when it comes to implementing new technologies for online business. The new blockchain project from the company is in partnership with the New Jersey Institute of Technology. It will be handled on campus by the Ying Wu College of Computing. will also be enlisting the services of the Chinese Academy of Sciences. A full-scale lab is planned. It will explore how the blockchain can be used to make online retailers more efficient. There will also be an ongoing effort to create applications that can be run on the blockchain, similar to the way Dapps are used with Ethereum.
Some early objectives have already been established for the project. Dapps will be a focus as will security and privacy protocols. It is the intention of the entities involved that the project foster long-term exploration of blockchain technology in China and other areas of the world. It has not been an easy road for blockchains and the cryptocurrencies they support. The Chinese government took a hard line on the technology by effectively banning all cryptocurrency exchanges that are not based in China. Many believe that the willingness to explore uses of the technology is a favorable indicator that the country may be softening its stance on digital currency. Some financial institutions have even begun to issue securities on blockchain platforms. It appears that the government is more interested in regulation than it is on a wholesale dismissal of the technology.