ChinaNet Online Holdings Announces New Joint Venture for Blockchain Technology Development
January 23 2018 - 8:30AM
ChinaNet-Online Holdings, Inc. (Nasdaq:CNET) ("ChinaNet" or the
"Company"), an integrated online advertising, precision marketing
and data-analysis and management services platform, today announced
it has entered into an agreement (“Agreement”) with Wuxi Jingtum
Network Technology (“Jingtum” or “Jingtum Technology”) and Ford
tree Beijing)Blockchain Technology Co., Ltd. (“Ford Tree”) to
establish a new joint venture company (“new JV”) to research and
develop blockchain technology and its applications for ChinaNet’s
blockchain technical and business units. ChinaNet will act as the
controlling shareholder leading all aspects of the project. The new
JV will be registered in the territory of the People’s Republic of
China and will be established in early February of 2018.
According to the Agreement, Jingtum’s Chief
Technology Officer and other leading experts will be involved in
the establishment of the new JV. The R&D team under the new JV
will help ChinaNet design the underlying foundation of unique
layered blockchain architecture, develop the cross-chain
functionality between the principal and subordinate chains, realize
the circulation of certain assets between different chains, design
intelligent contract mechanisms to support complex logic, and
complete the cloud service model and other important underlying
technology. The framework of this platform will have an on-line
beta test in February.
Ford Tree will be responsible for creating and
reviewing the operating model for blockchain applications. Ford
Tree has a proven track record in developing and operating
blockchain applications, especially in the area of digital
assets.
“The establishment of the new JV is an important
and significant step for ChinaNet to further extend and develop our
blockchain technical strategy,” stated Mr. Handong Cheng, CEO of
ChinaNet. “We now have set up a clear timetable for the development
and implementation of blockchain technology. Our existing platform
will further integrate new technologies and applications developed
by the new JV into our CloudX artificial intelligence and core
business ecosystem. The new JV will provide strong technical
support for the ultimate purpose of creating a value sharing
ecological environment for ChinaNet.”
About ChinaNet-Online Holdings,
Inc. ChinaNet-Online Holdings, a parent company of
ChinaNet Online Media Group Ltd., incorporated in the BVI
(ChinaNet), is an integrated online advertising, precision
marketing and data-analysis and management services platform.
ChinaNet provides prescriptive analysis for its clients to improve
business outcomes and to create more efficient enterprises. The
Company leverages an optimization framework, provided by its
comprehensive data-analysis infrastructure, to blend data,
mathematical, and computational sciences into an outcome management
platform for which it monetizes on a per client basis. ChinaNet
uniquely optimizes and prescribes its clients decision making
processes based on its proprietary ecosystem. For more information,
visit www.chinanet-online.com.
Contact: MZ North America Ted
Haberfield, President Direct: +1-760-755-2716
Email: thaberfield@mzgroup.us Web: www.mzgroup.us
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