China Blockchain Teleports Into The Future
The Monsoon Blockchain and Dixintong partnership is one giant leap for the future of US/China business relations
HONG KONG — Dixintong Technology Group has entered a partnership with US/Asia based Monsoon Blockchain.
The new partnership between Monsoon Blockchain and Dixintong has created the leading edge in intelligent cloud optimization and cloud data storage. It is now the forerunner of innovation in the 5G, Telecommunications, Photonics, AI, and IOT industries on the Blockchain in China.
Chinese e-commerce giant JD.Com recently acquired a minority stake in Beijing Digital Telecom, the parent company of Dixintong, which operates the largest mobile phone chain in China. Founded in 2001, Beijing Telecom Digital now has 3,000 company owned telecom stores and access to 19,000 franchise stores for distribution. With the nation’s major telecom operations as its clients, including a strong alliance with China Mobile, China Telecom and China Unicom. What began as a mobile phone retailer in 1993, Dixintong went public in Hong Kong in 2014 with four anchor investors including Lenovo Group, Qihoo 360, China Telecom and TCL Corporation.
Monsoon Blockchain will bring forth its technology and industry specific data and blockchain capabilities to further improve the extent of Dixintong’s business and technology assets. Dixintong, headquartered in Beijing, will enhance Monsoon Blockchains international ties, with offices across China.
China’s official state-run news agency, Xinhua, quoted President Xi embracing the blockchain stating:
“It is essential for blockchain technology to play a bigger role in building China’s strength in cyberspace, developing the digital economy and advancing the economic and social development.”
Another significant development is reported that the Chinese army is now considering the utilization of blockchain technology to aid its military in order to manage the workforce and secure personal data.
The country’s two largest telecommunications services providers, China Mobile and China Telecom, are members of Blockchain-Based Service Network (BSN), a state-backed blockchain infrastructure project. In 2019, the Chinese government rolled out 5G service across the nation. The emerging 5G technology requires the implementation of new mobile devices. Most major carriers in China have already started to offer 5G data plans and cloud services.
There are 953 million people living in the third-tier cities and below, which, according to global data analytics company Nielsen, far surpasses the 427 million people in the first-and second-tier cities. This shows how smaller cities have untapped potential, especially for the blockchain.
According to Donghai Liu, Dixintong’s chairman and founder, the deal with Monsoon Blockchain will allow his firm to explore potential use cases that require both blockchain and other emerging technologies like 5G and the Internet of Things (IoT).
What makes this so significant, according to a report from the China Academy of Information and Communications Technology, is the estimated domestic 5G market could be worth RMB 1.1 trillion by 2025. This will contribute 3.2% of China’s gross national product expansion. The addition of Blockchain technology to manage and expand those systems has the potential to increase those market estimates.
Dixintong, which is the market leader throughout China, selling primarily phones and computers, will exponentially expand Monsoon Blockchain’s presence within the Chinese market. According to its 2018 annual report, Dixintong stores across the country generated over $2.5 billion in revenue and $46 million in net profit for the year.
Chairman Liu stated, “There will be great potential for blockchain adoption given the support from the Chinese government and that is one of the biggest reasons why we want to form a partnership with Monsoon Blockchain.”
China has been rapidly expanding into blockchain and its capabilities. China Construction Bank, one of the largest Chinese commercial banks, has increased its trade finance blockchain platform with new capabilities, including cross-chain and inter-bank transactions, as trading volume surpassed $53 billion. The deputy governor of the People’s Bank of China announced that one of its Blockchain initiatives has processed volumes of more than RMB 70 billion ($9.8 billion). The value of Business-to-Business and cross-border payments carried out on blockchain systems is estimated to exceed $4.4 trillion by 2024, after reaching $171 billion this year. Top Chinese tech giants such as Alibaba and Baidu have also launched their own projects to integrate blockchain with cloud services.
The great leap into the the future of US/China business opportunities has catapulted the partnership agreement for the blockchain-based, cloud optimization and decentralized data storage management company Monsoon Blockchain. CEO and founder, Dr. Donald Basile, is a pioneer in data storage as the former Chairman and CEO of Fusion IO, which is known for playing a significant role in implementing the cloud systems at Apple and Facebook. Monsoon recently added board member Ken Goldman, President of Hillspire (Former Google CEO Eric Schmidt’s Family Office), and former CFO of Yahoo and Fortinet.
“With the scale of people in China, you can have 20 million users in no time, so that’s a huge amount of computing and analytics needed to be harnessed,” Dr. Basile said.
Combining the innovative knowledge and power of these leaders, both Dr. Donald Basile of Monsoon Blockchain and Dr. Donghai Liu, Chairman of Dixintong, is the first step into the exciting opportunities ahead for blockchain in 2020, through the next decade, and beyond. This partnership promises to be a giant leap that begins with Telecom and teleports blockchain technology into the future.
Marjorie Rothstein is a former Huffington Post contributing columnist and writes about future technology trends and lifestyle.
