China Accelerates Digital Economy “New Infrastructure” Construction, Leading Blockchain Company DataQin Favored by Capital
On a meeting of the standing committee of the political bureau of the CPC central committee on March 4th, the need to accelerate the construction of “new infrastructure” was stressed. “New infrastructure” has become a development consensus, for it is an effective way to deal with the coronoavirus outbreak and the downturn in the economy, and in aaccordance with the requirements for industrial upgrading. It not only represents the future direction of high-quality economic development, but also becomes a new engine for the development of the new digital economy.
Zhejiang DataQin Technology Co., Ltd. (DataQin) announced that it has secured tens of millions RMB in series Pre-A funding, led by multiple industry investors, financial industry leaders and Koala Fund, and joined by several angel investors. So far, DataQin has completed two rounds of funding, securing a total funding amount of over 100 million RMB.
DataQin is the initiator of the technology community of SimpleChain, and it is committed to building an international first-class technology open-source community. So far, SimpleChain’s tech community has gathered tens of thousands of open-source technology enthusiasts from dozens of countries, covering a wide range of areas including social e-commerce, gaming & entertainment, digital auction, offline payment and judicial digitalization.
The introduction of blockchain into the new infrastructure will accelerate the construction of the digital economy infrastructure and facilitate sustainable social and economic development. As one of the first companies in China to introduce blockchain technology to government affairs and commercial applications, with two core products Baoquan.com and Data Finance Platform, DataQin continues to play a role in fields related to the new infrastructure, by providing high-quality, diverse blockchain solutions for government sectors and enterprises.
Yu Xuemai, CEO of DataQin said, “We are witnessing the rapid development of blockchain technology. Based on our practice in the last few years, it is clear that the new infrastructure construction plays an important role in the development of the digital economy ecosystem. More and more of our customers are adopting our technology vision ‘Hybrid Cloud + Hybrid Chain’ to carry out operations based on data, computing power and algorithms. These ‘digital factories’ will become the main fuel of economic growth in the future.”
The essence of new infrastructure is digital infrastructure. In the new infrastructure era, the digital transformation of traditional business models will be further upgraded and will provide important support for the transformation of the pattern of economic growth. The so-called new infrastructure is not only the input of hardware facilities, but also a new definition of the relations and organization of existing productive forces based on the application of new technologies. From the macro perspective, new infrastructure means the transformation into a sustainable economic growth pattern. Under this endogenous requirement, the new digital economy is bound to enter the fast track of development.
With the mission to advance blockchain standardization and years of pursuit of innovation, DataQin has become a leader in both applications and industry standards. In terms of applications, DataQin has penetrated 5 of the most potential areas, including finance, public welfare, government affairs, justice system and medical services. Through technology innovation, DataQin has made breakthroughs in blockchain performance, security, law-compliance, and cost efficiency, and promoted the integrated development of blockchain technology and various industries. So far, DataQin is working with hundreds of government bureaus and business organizations and experiencing rapid growth in business performance.
Gao Hang, founder and chairman of DataQin, said, “In fact, DataQin closed this round of funding before the Chinese Spring Festival. DataQin is one of the few companies thriving in spite of the coronavirus outbreak. Although the blockchain industry is still in its early stages, it has shown immense potential. DataQin will bring huge returns for investors.”
Several angel investors that joined this round of funding are very familiar with DataQin and its vision. They are confident in DataQin’s technology strength and are willing to support its long-term development. 2020 will be the year when DataQin takes off. DataQin will continue to practice the idea of “Chain Up the World”, explore blockchain innovation and expand industrial applications. This round of funding will be used to recruit blockchain talents, strengthen R&D capabilities, and expand commercial applications in areas such as justice system, finance, data circulation, supply chain tracking and industrial parks, which ultimately forms a cross-domain connection that fuels the digital economy “new infrastructure”.
Judging from the fact that DataQin is still favored by capital during this capital winter, blockchain technology will help traditional enterprises gradually grow into the “mainstay” in the “new infrastructure” of digital economy. In the long run, “new infrastructure” will facilitate economic transformation and provide a foundation for industrial digital upgrading. Compared with traditional infrastructure construction, “new infrastructure” has more connotations and can better reflect the characteristics of the digital economy, and will be sure to better promote China’s economic transformation and upgrading.
About SimpleChain
The mission of SimpleChain is to simplify the blockchain for business.
SimpleChain is a PoW main chain with flexible sub-chains. Different sub-chains can adopt different kinds of consensus and block data structure as needed, to enable a variety of applications and use cases on blockchain. Sharding is also implemented to improve performance. This double-layered structure of one main chain and multiple sub-chains can fuel various applications while ensuring the consistency of the network.
Built on VeraxChain, SimpleChain’s first sub-chain, Baoquan.com provides record keeping services which serves to keep records of online data and authenticate electronic evidence. In June 2018, Hangzhou Internet Court of China judged a case of copyright dispute based on data stored on Baoquan.com. For the first time in China, the legal effect of the electronic data stored on blockchain is recognized in the judicial system. (News link: https://www.coindesk.com/blockchain-can-legally-authenticate-evidence-chinese-judge-rules)
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