JD. com, the giant e-commerce retailer of China, has recently announced that it is interested in exploring the blockchain sector and its usages in various industries. And for the same, the firm has collaborated with NJIT’s Ying Wu College of Computing through Institute of Software at the Chinese Academy of Sciences for developing the Blockchain Research Lab.

The Blockchain Research Lab will focus on the exploration of both the pros and cons of the blockchain sector. According to the report, scalability and efficiency issues pose a great threat to the concept of blockchain. Hence, the main motive of the research lab will be to explore the solutions to these problems. The entities will also try to find out the further usage of the blockchain.

Interestingly, the solutions will find their use in various sectors under the Chinese Government. This will increase the efficiency and will serve as a time-effective option when compared to the former systems. The recent success stories by other nations have also acted as a catalyst behind setting up this Blockchain Research Lab.

China has been skeptical for the use of cryptocurrency in the nation. In the recent past, the Government has banned many ICOs and exchanges of many cryptocurrencies. However, the reports have also shown that the Government has increased its investment in blockchain startups. Even, big Chinese companies like Alibaba, Tencent have also started using blockchain for meeting their needs and increasing their efficiency.

Hence, it is quite clear that the Chinese Government wants to retain the number one spot in the global market using blockchain.