FiO values Taiwan talent. Develop new business models for enterprise
【Published by: DIGITIMES | Editor: Lin Zhao Yi | Translator: Statecraft 】
When people are still discussing social media such as Facebook and WeChat to generate revenue from users’ personal data, FiO, a blockchain startup that consists of talents from Taiwan, China and Hong Kong, has created a set of Users have the right to decide whether their data can be used and new business models that are dividends from the referral business.
FiO is the second startup of serial entrepreneur George Chu. His first startup is “ChinaNet online” (Nasdaq listed company). He is currently the largest B2B e-commerce advertising system converged network technology service company in mainland China. “ChinaNet online” is a business model that promotes online sales and advertising benefits for SMEs with artificial intelligence (AI) and big data. It is also included in the FiO ecosystem as one of the sub-ecologies.
“Our original intention is to use the Blockchain as a service (BaaS) model, which saves the company’s high cost of building blockchain and lowers the technical threshold. It only needs to plug in our client’s application (App/WEB), you can immediately become a blockchain company, and get the least convenient service to the original system,” George Chu said.
After a period of dialectic and thinking, after studying the technical feasibility, FiO was established in Hong Kong at the end of 2018, and then the technology research and development center was located in Taipei, which is to take advantage of Taiwan’s excellent software R&D talents.
FiO network expert Dai Zhi-Yang is the chief technology officer. Lu Wen-Zheng is the R&D leader. In just half a year and a team of fewer than 20 people, he worked with IBM to develop the underlying technology using the enterprise framework based on Hyperledger Fabric. The patent belongs to FiO. At the same time, FiO will also become one of IBM’s global blockchain application cases and will be promoted to its SME customer base in the future.
“Speed is the key to the success of the future economic world,” George Chu said. “With the advancement of technologies such as blockchain, 5G and the Internet of Things (IoT), the speed of change may be 2~3 of the Internet generation.”
Despite this, the team is very low-key, and almost no one knows that their R&D center is in Taipei. This is because in addition to George Chu and the original shareholders’ own funds, FiO has received Forbes’ digital venture capital- Forbes Digital Asset and Israeli funds- Infinity Leadway’s investment, The team can work on repeated tests without any worries, determine the technology is recognized, negotiate with large companies, and conduct research to form a business model.
Building the bottom layer of the blockchain and digital business ecology
In the crazy cycle of 2016~2018, the blockchain caused Bitcoin to hit more than 10,000 US dollars and then fell sharply. Until now, there are still many people in Taiwan who have misunderstood the blockchain and thought it was “fried coins.” However, blockchain encryption, inability to tamper with, decentralized distributed ledger features, the potential for application in the industry is endless, and new business models are constantly being developed.
George Chu explained that the project done by FiO is not related to the “coin”, but the underlying construction and commercial application of the blockchain. “The purpose of our establishment is as Laozi said, The highest goodness is like water. Water benefits all things and does not compete.” In the FiO blockchain ecosystem, consumers still use the company’s apps for consumption, Search, transaction and other activities, completely do not feel the existence of FiO, but FiO can seamlessly integrate transactions between enterprises, assist enterprises to conduct big data analysis, and improve marketing and advertising efficiency solutions with AI.
Enterprise can purchase or subscribe to leased services to obtain services and products, such as blockchain wallets, inter-enterprise bonus point trading platforms, and regular, complete analysis reports. For enterprise customers with less financial and R&D energy, not only can they save the expensive cost of self-built, but they can also leverage the cloud computing energy needed for big data analysis and AI.
Develop new business models
“Data is an asset of the digital age. Europe’s GDPR regulation is to return the right to data management to everyone, and you can choose to or not participate in data transactions,” George Chu said, but companies or people willing to participate will naturally receive their rewards.
For example, before the blockchain, the referral business between friends, may be invited to eat a meal to express gratitude,
However, it is impossible to confirm how much money the other party has earned because of this opportunity, and it is even more difficult to draw commissions. But now, with the blockchain, as long as the two sides agree on the dividend, the business income record obtained through the referral in the blockchain can be used as the basis for the calculation of dividends.
In addition, many companies that worry that the blockchain is an open platform will leak commercial secrets. Because FiO is an open platform that uses Hyperledger, it is a hybrid chain that combines public and private chains. It is up to you to decide which non-risk data to put on the platform.
How to protect the personal data of consumers? Hyperledger Indy decentralized digital identity authentication, or digital avatar technology, as the basis for the analysis of big data and AI, without infringement of capital. “We do big data and AI analysis. We want to know the consumer’s classification attributes (such as gender, age, location) and behavior patterns, not their name, phone number and address.”
Some existing application cases include: FiO provides solutions for Hong Kong Travel TimeX watch chain stores to ensure the legitimacy, warranty coverage and price of brand-name boutique watches when reselling, and to help consumers identify the authenticity of products. Solution Director Wang De-Kai explained that this solution can also be applied to the used car market.
In Taiwan, the ecosystem is built for the social enterprise “Donkey Move”, including the driver’s online certification, rating system and reward points system. As of September this year, FiO has integrated 8 partners to reach 25 million user groups and complete solutions and features for referral fees. By the end of 2019, its goal is to reach 100 million user groups.
A variety of token exchanges are also available on FiO, and users can send tokens to another wallet using their own wallet address/QRcode. Tokens can be any number of assets, including bonus points and certificates. Users can perform actions such as payment, mortgage, withdrawal and conversion.
Based in Singapore, Hong Kong and Taiwan
FiO is optimistic about the development potential of the Asian market. In addition to its friendly and more accessible Singapore registration in the Middle East and Southeast Asia, FiO has established a strategic headquarters in Hong Kong and Taipei is the technology and R&D headquarters. Currently, we have actively expanded our business in mainland China, Hong Kong, Taiwan, Japan, South Korea, Cambodia, Malaysia and Singapore. In Taiwan, in addition to hiring the former Associate Researcher of the Commerce Development Research Institute and the former Association of China and Franchise Promotion, Taiwan Deputy Secretary-General Shuang Shu-Ling as the Director of Business Development, he also cooperated with 91App for platform integration. It is expected to be jointly developed in November 2019. Corporate dividends trading market.
What does the name FiO mean? What was the vision of the original creation? Before the start-up, George Chu, who had managed the business in the Northeast region (including Northeast China, Beijing, Tianjin, and Hebei) and established an investor relations program, said that the source of the name “FiO” was: After reading the description of the virtual world scene in the movie “Ready Player One” with another core partner, we believe that the future is very likely to become a reality in the blockchain era and to be inspired.
George Chu said: “FiO is Figure it Out, hoping to allow more companies to explore the infinite potential of the blockchain in the most convenient and lowest-cost way, and also help them improve the efficiency of expanding the international market. We also hope to break the barriers and boundaries. Combining the wisdom of the three sides of the strait, it will also allow more talents in Taiwan to have the opportunity to stand on the stage of the world.”
FiO is currently in the process of a new round of fundraising, with the goal of raising $10–20 million. The main reason is to find strategic partners who can help expand the local market in Japan, Singapore and the Middle East.
“Speed is the key to the success of the future economic world,” George Chu said. “With the advancement of technologies such as blockchain, 5G and the Internet of Things (IoT), the speed of change may be 2~3 of the Internet generation.”
Despite this, the team is very low-key, and almost no one knows that their R&D center is in Taipei. This is because in addition to George Chu and the original shareholders’ own funds, FiO has received Forbes’ digital venture capital- Forbes Digital Asset and Israeli funds- Infinity Leadway’s investment, The team can work on repeated tests without any worries, determine the technology is recognized, negotiate with large companies, and conduct research to form a business model.
Building the bottom layer of the blockchain and digital business ecology
In the crazy cycle of 2016~2018, the blockchain caused Bitcoin to hit more than 10,000 US dollars and then fell sharply. Until now, there are still many people in Taiwan who have misunderstood the blockchain and thought it was “fried coins.” However, blockchain encryption, inability to tamper with, decentralized distributed ledger features, the potential for application in the industry is endless, and new business models are constantly being developed.
George Chu explained that the project done by FiO is not related to the “coin”, but the underlying construction and commercial application of the blockchain. “The purpose of our establishment is as Laozi said, The highest goodness is like water. Water benefits all things and does not compete.” In the FiO blockchain ecosystem, consumers still use the company’s apps for consumption, Search, transaction and other activities, completely do not feel the existence of FiO, but FiO can seamlessly integrate transactions between enterprises, assist enterprises to conduct big data analysis, and improve marketing and advertising efficiency solutions with AI.
Enterprise can purchase or subscribe to leased services to obtain services and products, such as blockchain wallets, inter-enterprise bonus point trading platforms, and regular, complete analysis reports. For enterprise customers with less financial and R&D energy, not only can they save the expensive cost of self-built, but they can also leverage the cloud computing energy needed for big data analysis and AI.
Develop new business models
“Data is an asset of the digital age. Europe’s GDPR regulation is to return the right to data management to everyone, and you can choose to or not participate in data transactions,” George Chu said, but companies or people willing to participate will naturally receive their rewards.
For example, before the blockchain, the referral business between friends, may be invited to eat a meal to express gratitude,
However, it is impossible to confirm how much money the other party has earned because of this opportunity, and it is even more difficult to draw commissions. But now, with the blockchain, as long as the two sides agree on the dividend, the business income record obtained through the referral in the blockchain can be used as the basis for the calculation of dividends.
In addition, many companies that worry that the blockchain is an open platform will leak commercial secrets. Because FiO is an open platform that uses Hyperledger, it is a hybrid chain that combines public and private chains. It is up to you to decide which non-risk data to put on the platform.
How to protect the personal data of consumers? Hyperledger Indy decentralized digital identity authentication, or digital avatar technology, as the basis for the analysis of big data and AI, without infringement of capital. “We do big data and AI analysis. We want to know the consumer’s classification attributes (such as gender, age, location) and behavior patterns, not their name, phone number and address.”
Some existing application cases include: FiO provides solutions for Hong Kong Travel TimeX watch chain stores to ensure the legitimacy, warranty coverage and price of brand-name boutique watches when reselling, and to help consumers identify the authenticity of products. Solution Director Wang De-Kai explained that this solution can also be applied to the used car market.
In Taiwan, the ecosystem is built for the social enterprise “Donkey Move”, including the driver’s online certification, rating system and reward points system. As of September this year, FiO has integrated 8 partners to reach 25 million user groups and complete solutions and features for referral fees. By the end of 2019, its goal is to reach 100 million user groups.
A variety of token exchanges are also available on FiO, and users can send tokens to another wallet using their own wallet address/QRcode. Tokens can be any number of assets, including bonus points and certificates. Users can perform actions such as payment, mortgage, withdrawal and conversion.
Based in Singapore, Hong Kong and Taiwan
FiO is optimistic about the development potential of the Asian market. In addition to its friendly and more accessible Singapore registration in the Middle East and Southeast Asia, FiO has established a strategic headquarters in Hong Kong and Taipei is the technology and R&D headquarters. Currently, we have actively expanded our business in mainland China, Hong Kong, Taiwan, Japan, South Korea, Cambodia, Malaysia and Singapore. In Taiwan, in addition to hiring the former Associate Researcher of the Commerce Development Research Institute and the former Association of China and Franchise Promotion, Taiwan Deputy Secretary-General Shuang Shu-Ling as the Director of Business Development, he also cooperated with 91App for platform integration. It is expected to be jointly developed in November 2019. Corporate dividends trading market.
What does the name FiO mean? What was the vision of the original creation? Before the start-up, George Chu, who had managed the business in the Northeast region (including Northeast China, Beijing, Tianjin, and Hebei) and established an investor relations program, said that the source of the name “FiO” was: After reading the description of the virtual world scene in the movie “Ready Player One” with another core partner, we believe that the future is very likely to become a reality in the blockchain era and to be inspired.
George Chu said: “FiO is Figure it Out, hoping to allow more companies to explore the infinite potential of the blockchain in the most convenient and lowest-cost way, and also help them improve the efficiency of expanding the international market. We also hope to break the barriers and boundaries. Combining the wisdom of the three sides of the strait, it will also allow more talents in Taiwan to have the opportunity to stand on the stage of the world.”
FiO is currently in the process of a new round of fundraising, with the goal of raising $10–20 million. The main reason is to find strategic partners who can help expand the local market in Japan, Singapore and the Middle East.
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