Future FinTech and China Foundation of Consumer Protection Begins Trial Operation of Blockchain Technology System
Future FinTech Group (NASDAQ: FTFT) announced the trial operation of a Blockchain Quality and Safety Traceability System developed with the Anti-Counterfeiting Committee of the China Foundation of Consumer Protection. This initiative aims to combat B2C abuses under China's '3.15 Brand Responsibility Plan'. The system incorporates three components: a Credit Verification System, an Engagement Protocol Decoder for QR codes, and Enterprise Communication as a Service (eCAAS) to redeem anti-counterfeiting points. This venture seeks to enhance consumer trust and promote economic growth in China.
- Initiative addresses B2C abuses in China, potentially enhancing consumer trust.
- Collaboration with the Anti-Counterfeiting Committee can improve credibility and operational efficiency.
- Blockchain technology offers transparent and secure product traceability.
- Dependence on the Anti-Counterfeiting Committee for maintenance and operation of the systems may pose risks.
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NEW YORK, March 24, 2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that its wholly-owned subsidiary Cloud Chain Network and Technology (Tianjin) Co., Ltd. ("Cloud Chain Network", formerly known as Chain Cloud Mall Network and Technology (Tianjin) Co., Limited) and the Anti-Counterfeiting Committee of the China Foundation of Consumer Protection (the "Anti-Counterfeiting Committee"), began the trial operation of its jointly developed Blockchain Quality and Safety Traceability System. The need for the system is attributable to the '3.15 China Brand Responsibility Plan', which is intended to address b2c abuses as part of China's consumer rights initiative.
The Blockchain Quality and Safety Traceability System includes three independent systems as follows:
- Credit Verification System – an anti-counterfeiting server that is responsible for recording and maintaining the anti-counterfeiting joint signatures of the Anti-Counterfeiting Committee and the enterprises for their products on the blockchain; the Anti-Counterfeiting Committee is responsible for its maintenance and operation.
- Engagement Protocol Decoder – converts the blockchain based signatures of the Anti-Counterfeiting Committee and the enterprises to QR bar codes for consumers to easily scan for specific products and its manufacturers recorded on the blockchain. The Anti-Counterfeiting Committee and Credit Verification System record and maintain anti-counterfeiting points earned by consumers from the scanning of product bar codes of such enterprises. The point system is a rewards mechanism that incentivizes consumers to participate in the anti-counterfeiting process where points can be redeemed for discounts for future product purchases on FTFT's blockchain-based online chain cloud shopping mall ("CCM"). Cloud Chain Network has developed software to connect bar codes with the blockchain record and is responsible for this operation.
- Enterprise Communication as a Service or eCAAS – is a service provided by the CCM shopping mall where consumers can redeem their anti-counterfeiting points at the stores of enterprises; Cloud Chain Network is responsible for this operation.
Mr. Yan Zhi, General Manager of FTFT's Cloud Chain Network, said "Our jointly developed blockchain technology system addresses the requisites of the anti-counterfeiting edicts of the '3.15 China Brand Responsibility Plan' which is to create a transparent and accountable business-to-consumer ecosystem which can help to promote healthy economic growth. A key element of the blockchain security system is that it records signatures of both enterprises and the Anti-Counterfeiting Committee which assures both authenticity and honesty."
Mr. Zhi continued, "Since the blockchain protection technology is based on the Credit Verification System managed by the Anti-Counterfeiting Committee, anti-counterfeiting points on the blockchain protection server are directly earned by and released to consumers outside of the purview of enterprises."
The China Foundation of Consumer Protection was established in November 1989. It is supervised by the State-owned Assets Supervision and the Administration Commission of the State Council of China. Its mission is to protect the interests of consumers and implement its duties as a nonprofit consumer protection agency under the Consumer Protection Law of China. One of its main responsibilities is to support and participate in anti-counterfeiting activities and eliminate dishonest business behavior in the consumer products market.
The Anti-Counterfeiting Committee of the China Foundation of Consumer Protection was established in July 2000. It is the first and only organization that is approved by China's Ministry of Civil Affairs that specializes in anti- counterfeiting in China. It focuses on cracking down on fake and shoddy products that harm the rights and interests of consumers. At present, it has established four service divisions which include a social investigation unit, a legal service unit, a news service unit and a commodity inspection unit; these units operate to eradicate counterfeiting in all of China's consumer sectors.
About Future FinTech Group Inc.
Future FinTech Group Inc. is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), supply chain financing services and cryptocurrency market data services. The Company is also engaged in the development of blockchain based e-Commerce technology, cryptocurrency mining, cryptocurrency investment management as well as financial service technology businesses. For more information, please visit http://www.ftft.com/.
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SOURCE Future FinTech Group Inc.
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