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/.
Safe Harbor Statement
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"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
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notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2020 and our
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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.
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SOURCE Future FinTech Group Inc.