Future FinTech Granted Blockchain Technology-Related Software Copyrights from the China National Copyright Administration

Rhea-AI Summary

Future FinTech Group (NASDAQ: FTFT) announced it received registration certificates for ten software copyrights from the China National Copyright Administration on February 26, 2021. These copyrights relate to blockchain technology applications crucial for enhancing their e-commerce platform, Chain Cloud Mall (CCM). CEO Shanchun Huang emphasized that these copyrights will bolster anti-counterfeiting measures and improve operational efficiencies. The software enhances various systems, including credit point management and transaction processes, thereby promising cost reductions and a modernized payment framework.

Positive

• Received ten software copyrights for blockchain applications, enhancing competitive edge.
• Improves anti-counterfeiting systems crucial for consumer trust in e-commerce.
• Potential for reduced transaction costs and improved operational efficiencies.

Negative

• None.

NEW YORK, March 4, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as Future FinTech", "FTFT" or "the Company"), a leading blockchain e-commerce company and a service provider for financial technology, today announced that on February 26, 2021, the Company received registration certificates for ten software copyrights related to blockchain technology applications issued by the China National Copyright Administration ("CNCA"). On December 31, 2020, the China Copyright Protection Center of the CNCA accepted the Company's application for these copyrights, which were first submitted for review in June of 2020.

Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, stated, "We are pleased that we have been granted the software copyrights which are essential to securing our blockchain based e-commerce platform's anti-counterfeiting and consumer reward points systems. Additional application of these technologies will also enhance our supply chain, contract farming and order management systems. The software copyrights will protect our intellectual property rights and help us to further improve our blockchain based e-commerce platform."

"The software copyrights marks the further improvement of the Company's blockchain based credit settlement and payment technology system," Mr. Huang continued. "These software applications could also be used in traditional manufacturing, e-commerce, the financial industry and monetary payment systems which may substantially lower transaction costs, reduce the consumption of human and material resources and create a payment system that is more diverse and modernized. In addition, the software applications will effectively promote the construction of an electronic enterprise payment system and further help enterprises improve efficiencies and reduce costs while making the use of digital financial services more extensive."

The Company has been developing and improving its anti-counterfeiting and tracing system by using blockchain technology for its e-commerce platform Chain Cloud Mall ("CCM"). CCM not only issues unique anti-counterfeiting QR codes to trace products and ensure their authenticity, it also provides anti-counterfeiting reward points to consumers who can use these points to receive discounts and other benefits. Most importantly, consumers can enjoy a unique value-added shopping experience encompassing a wide array of businesses with the assurance of no counterfeit activity on the CCM mall.

Future FinTech's ten software utilizing blockchain technologies for its e-commerce platform and anti-counterfeiting and tracing system are as follows:

1. A blockchain credit points discount settlement system
2. A blockchain credit points circulation monitoring system
3. A legal currency and credit points synchronization settlement system
4. A blockchain credit points flow system
5. An agent automatic profit distribution system
6. An agent automatic tax deduction and accounting system
7. A manufacturer automatic accounting system
8. An e-commerce and blockchain anti-counterfeiting linkage system
9. A blockchain discount and promotion automatic balance system
10. A blockchain real-name authentication and legal responsibility system

About Future FinTech Group Inc.

Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") 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"), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://www.ftftex.com/.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2019 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

View original content:http://www.prnewswire.com/news-releases/future-fintech-granted-blockchain-technology-related-software-copyrights-from-the-china-national-copyright-administration-301240690.html

SOURCE Future FinTech Group Inc.

FAQ

What software copyrights did Future FinTech (FTFT) receive?

Future FinTech received ten software copyrights related to blockchain technology applications, enhancing its e-commerce platform.

When did Future FinTech announce its software copyright registration?

The announcement was made on March 4, 2021, regarding registration certificates received on February 26, 2021.

How will the software copyrights benefit Future FinTech (FTFT)?

The copyrights will bolster anti-counterfeiting measures, improve operational efficiencies, and reduce transaction costs.

What is the Chain Cloud Mall (CCM) platform?

Chain Cloud Mall (CCM) is Future FinTech's e-commerce platform that integrates blockchain technologies for secure transactions and anti-counterfeiting systems.