China’s JingDong to Build Big Data Ecosystem using Blockchain Technology
Today Jingdong Cloud, whose parent company JD.com is one of China’s biggest online shopping mall and also a Nasdaq listed company, announced that its big data exchange platform. JingDong Wanxiang officially kicks off as the first one to be able to protect the real right of data by guarantee data’s traceability and ownership confirmation. It said with the help of block chain technology, a data supplier’s rights have been protected and it will be more willing to be part of data trade where the data buyer will thus gain easy access to quality original data source. Block chain technology have historically solved the problems that confine the flow and the trade of data and it will contribute to the explosive development of data market and promote the update of big data application for corporation in different areas.
Du Fuyu, the General Manager of JD Wanxiang has briefed to us:
“Block chain technology, as a decentralized protocol, can safely and transparently record transactions and other data without any risk of being mutated. Therefore, JD Wanxiang, when blockchain technology is applied to it, will function independently from a third party’s authentication and can guarantee data’s traceability and ownership confirmation. The platform will have the data on it digitalized assets and every legitimate trade of data will have the confirmation certificate while illegitimate one won’t. If conformation certificate mismatches the ownership of the data, its supplier can apply for legal protection. This method will highlight the values of authentic data and will rewrite the rules of data market and activate the dynamics of data trade and thus create a prosperous data market.”
Du also notes that data suppliers nowadays are all quite aware of the data ownership protection. If their rights are not protected properly, they won’s be willing to provide data service to the clients. When they have the blockchain technology, they can effectively create a fair environment to streamline the development of data market.
JD’s Wan Xiang is indeed one of the biggest data service platform in China and claims to be first one to apply blockchain technology. JD also express its ambition to apply blcokchain technology into other areas like digital social media, data quality identification and private credit data.
8btc believes it will still take JD sometime to really translate its ambitions into reality. But JD does have the chance to be the pioneer in blockchain technology application. JD.com possess numerous transaction information including purchasing habits, payment records and logistics data. JD has long been using the information to facilitate its business. Based on its experience in data utilization, JD has established its data cloud center, JDcloud, to specifically focus on data values. Now JDcloud has seen the potential of blockchain technology, its quick response to the new technology is recommendable in that the boundaries of real application of block chain needs to be explored by parties in various industries so that the transformative power of it could be achieved sooner.
Recently People’s Bank of China has emphasized its continuing efforts in developing digital currency (see our article) and will probably have a test run on promissory notes (see our article). R3, a firm that leads a consortium partnership with over 50 of the world’s leading financial institutions shows the efforts of them in global financial industry. Now Jing Dong, the world’s giant online shopping company, with its enormous base data from Chinese community and its cross-border capital structure, has announced it will not be absent in the incoming blockchain era.