Singapore-based cryptocurrency exchange Huobi is reportedly working on a joint project with JD Cloud, a subsidiary of JD Group, the Chinese e-commerce giant.
The two companies are will be joining their resources in the collaborative efforts that will see them work towards research and development of blockchain applications as well as exploring cloud computing. According to reports, JD Cloud and Huobi have entered into a strategic cooperation agreement that will allow them to focus their research on major categories such as supply chain, Internet of Things and financial services.
The blockchain research by the two firms will involve areas such as homomorphic encryption, ring signature, the Lightning Network, and numerous forms of consensus algorithm design. Gang He, JD Cloud’s head of Product Development and the Vice President of JD Group revealed that the decision for the partnership was based on his company’s experience in blockchain technology.
“As a pioneer in the blockchain industry, Huobi has established multiple partnerships with incubators around the world, including China,” stated Xianfeng Cheng, the Chief Technology Officer at Huobi.
Cheng also added that the technological advantages of the incubators that it is working with will also be used in future JD Cloud projects. Meanwhile, JD Cloud plans to continue innovating and expanding its capabilities in order to improve its server business offerings to customers in the blockchain sector.
Both Huobi and JD Cloud are actively involved in exploring blockchain
JD Cloud has previously been involved in blockchain technology when it was trying to create different services aimed at making it easier for clients to keep track of their online orders. The company is also planning on working together with other blockchain companies and the new partnership with Huobi marks the beginning. JD Cloud is one of the few companies that have been working towards leveraging blockchain to improve their services and operations.
Huobi is currently one of the top cryptocurrency exchanges in the world and it has its headquarters in Singapore. The exchange announced the launch of its public blockchain a few weeks ago and it will allow participation from individuals and companies. Huobi plans to use the new blockchain platform for securitization, fundraising, and value exchange among other things.