A Smart city with Blockchain technology and AI was a far cry from reality in the 19th century, but thanks to Chinese E-Commerce Giant, Jingdong Group, it is! We have JD to thank for opening institutes that will build a ‘smart city’ using AI and Blockchain technology.
Smart cities are urban colonies that employs various forms of electronic information collection sensors to provide data, that is then used to manage resources and assets in the most efficient way. They are designed to reduce modern day incompetencies. The JD Group created the ‘Smart City Research Institute’ with the intent to accelerate smart city construction through emerging technologies including Blockchain technology, artificial intelligence (AI), and Big Data.
The company’s first regional headquarters in Nanjing will trigger “the entire East China region” and aims to reduce industry costs and increase efficiency. In addition to which, the Nanjing-based institute will be focusing on building solutions pertaining urban environment, transportation, planning, energy consumption, commerce, security, healthcare, credit cities, and e-governance.
The People’s Daily, states the company priorities are:
|“Advanced Intelligent solutions in the areas of urban environment, transportation, planning, energy consumption, commerce, security, healthcare, credit cities and e-government.”|
Regardless of the uncertainties surrounding blockchain technology, smart cities will inevitably be a mega trend in the coming years.The global smart cities market was valued at $529.6 billion in 2017 and is projected to rise to nearly four folds and reach a staggering $1944.7 billion by the end of 2023, with a CAGR of 24.2%. In fact, Ping An, Alibaba, Tencent, and Huawei recently announced a smart city initiative in late August with 500 Chinese cities on board. JD Group is evidently not far behind its rivals in the race of modernizing the world.
Earlier in August a Chinese conglomerate with operations in insurance, banking, and financial services and which is one of the world’s largest insurance company groups, Ping An Insurance, released a “White Paper on Smart Cities,” aiming to “help the government to create a new model of ‘city as a service’ governance.”