DropChain Update Report: August 2018
For those who missed it, the Communist Party of China (CPC) introduced a book this week outlining the benefits of distributed ledger technology (DLT) and the potential applications of blockchain technology. Only last week, the state backed, commercial Bank of China announced plans to invest over 1% of its operating annual income in (which, in 2017, amounted to some $483 billion yuan/USD $7.2 billion) in fintech, Internet of Things (IoT) and blockchain.
In the wake of these positive announcements, we are excited to share some good news about our recent activities and achievements in China.
DropChain in Hainan
Last week, our Head of BD, James Wong, and Sales Director, Tom Chen visited China’s island province, Hainan to explore market expansion opportunities.
On 14 April, China’s central authorities announced a plan to turn Hainan into a pilot international free-trade zone and a free-trade port by 2025. Wei Jianguo, former vice-minister of commerce explained that the plan lays “a foundation for the country to effectively oppose rising trade protectionism, speed up the flow of global trade and facilitate international investment.”
Food safety is already a huge concern for the provincial government which hosts over 1 million overseas visitors each year. With this announcement, the need to protect supply chains supporting food and beverage trade in Hainan has become an even higher priority. The project is expected to increase government investment across the logistics, technology, and blockchain industries. The DropChain team is working hard to ensure we play a pivotal role in Hainan’s future by partnering with local entities at this early stage. Whilst we can’t divulge the particulars today, we will be making an announcement about the outcomes of James & Tom’s successful visit later this week. Stay Tuned!
Welcome: New COO & Head of Marketing, China
I’m also excited to announce two new members have joined DropChain’s leadership team. Cross-industry project management specialist James Tsai will take on the role of Chief Operating Officer (COO). James has an MBA from INSEAD, and has built his career in Fortune 500 companies including HSBC, Deloitte & Microsoft.
As GCR Senior Surface Category Manager at Microsoft, James successfully led the launch and double digit growth of the company’s Surface technology in the Chinese market. James’ local and international business intelligence and operational excellence will be of great value to the DropChain team. James has the ideal skill set to lead our operations in and beyond China.
We are also pleased to announce that entrepreneurial marketing & PR expert, Crystal Yu will be heading up our Marketing division in China. Crystal brings years of international experience with Fortune 500 companies and a deep, thorough understanding of the local Chinese market.
China will be the first country to launch the DropChain ecosystem. A staggering 70% of the country’s wine in circulation is fake, and food scandals have damaged consumer trust and company reputations. With Crystal on board we have a dedicated resource to educate China’s brand owners, distributors, retailers and consumers about the benefits of the DropChain solution.
BlockChain & Artificial Intelligence
Last week I had the opportunity to speak at iFlyTek’s conference in Hong Kong. iFlyTek is a pioneer in voice recognition, and it was an honour to receive their invitation to present on the application of AI to modern supply chains.
If you have attended any conference or event on blockchain, you will have heard about the key benefits of DLT (distributed ledger technology). What many evangelists fail to mention is that a blockchain is only as good as the data that goes into a block. The reason that this subject of data integrity is seldom addressed is because the problem is incredibly difficult to solve.
I believe Artificial Intelligence (AI) may be the missing piece in the puzzle. Through AI and machine learning, a system can instantaneously determine the integrity and authenticity of the data being inserted onto the blockchain.
While I am relatively new to the field of artificial intelligence, I have made concerted efforts to bring myself up to speed on the topic over the past few months. I look forward to learning more about the tech and its future application to DropChain’s ecosystem.
What’s next?
If you haven’t already, make sure you follow us on our social media channels this August. We have some big announcements coming and will showcase our roadshow throughout and beyond Asia. You can also expect updates on our product development, including our blockchain proof-of-concept and product design. We will also be publishing our technical white paper, which outlines the tech stack underpinning the DropChain ecosystem.
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