• Latest
Mobile Phone Retailer Joins China’s Blockchain Land Grab With US Startup Investment

Mobile Phone Retailer Joins China’s Blockchain Land Grab With US Startup Investment

Januar 13, 2020
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Mobile Phone Retailer Joins China’s Blockchain Land Grab With US Startup Investment

coinnewsdaily by coinnewsdaily
Januar 13, 2020
in Business
0
Mobile Phone Retailer Joins China’s Blockchain Land Grab With US Startup Investment
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Dixintong Technology Group, whose parent company, D.Phone, is one of the largest smartphone retailers in China, has entered the blockchain space by acquiring a minority stake in a U.S. startup called Monsoon Blockchain.

The two companies confirmed to CoinDesk that the purchasing agreement was signed on Jan. 7, but declined to disclose any financial terms on the deal. However, people familiar with the matter said the deal values the blockchain startup at over $100 million.

Related articles

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

Juli 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

Mai 6, 2022

The partnership between the two companies comes at a time when China is encouraging enterprise blockchain adoption as well as the development of emerging technologies. 

Dixintong’s chairman and founder Donghai Liu said the deal 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).

Started as a mobile phone retailer in 1993, D.Phone went public in Hong Kong in 2014 with four anchor investors including Lenovo Group, Qihoo 360, China Telecom and TCL Corporation. Alibaba’s major e-commerce rival, JD.com, has also acquired 9 percent of Dixintong worth $30 million in July. The firm’s total market capitalization is around $200 million.

According to its 2018 annual report, the company sold nearly 9 million cell phones in its more than 1,500 physical stores across the country, generating over $2 billion in revenue and $46 million in net profit for the year.

The parent company has made efforts to expand its businesses to other related industries. It partnered with China’s Tianjin city government in December to build an industrial park focusing on 5G and IoT with a total investment estimated to be over $3 billion.

Political boost

A slew of tech companies have explored blockchain technologies since Chinese President Jinping Xi called on the country to “seize opportunities” in the space. Stock prices skyrocketed for companies whose businesses are related to the new technology.

“When you have that level of endorsement from the government, everything moves much faster,” Donald Basile, the startup’s CEO, said.

The country’s two largest telecommunications services providers, China Mobile and China Telecom, are members of a consortium that runs Blockchain-Based Service Network (BSN), a state-backed blockchain infrastructure project.

The Chinese government is also rolling out 5G services in 2019 across the nation. The emerging technology would require new mobile devices. Most major carriers in China have started to offer 5G data plans and cloud services.

The Shanghai government plans to spend millions of dollars on supporting a public blockchain project and open an incubation center for startups that want to build decentralized applications (dapps) on the blockchain. Meanwhile, the Guangdong province has launched a blockchain-based project to help small and medium-sized businesses borrow money from commercial banks.

Top Chinese tech giants such as Alibaba and Baidu have also launched their own projects to integrate blockchain with cloud services.

“There will be great potential for blockchain adoption given the support from the Chinese government,” Liu said. “That is one of the biggest reasons why we want to form a partnership with Monsoon Blockchain.”

Blockchain-based marketplace

Monsoon Blockchain touts an ethereum-based protocol that aims to use smart contracts to provide a more efficient marketplace for cloud service providers and potential clients, according to Basile.

He said prices for cloud computing and storage services could vary over time between data centers, depending on locations and capacity. And Basile believes that’s where blockchain can play a role.

The firm aggregates prices and collects information about the conditions of data centers across the world. It then submits the data to the blockchain network, he said. On the other hand, companies that want to buy computing and storage services can submit their specific requirements.

The peer-to-peer blockchain-based protocol will use smart contracts to match those companies with the most suitable cloud services provider for them, according to Basile.

Users now need to buy the network’s native token with fiat currency to use the smart contracts on the blockchain. While the token is only circulated within the network, the firm may consider launching a private token sale or issue a public offering in the future when regulators have a clear guidance on the processes, Basile said.

Monsoon Blockchain worked with a spate of IT giants including IBM, Oracle and Alibaba as a data services distributor, said Basile, who previously headed Fusion-io and Violin Memory, both of which are data processing software and hardware providers.

Billion-user access?

While Monsoon Blockchain primarily serves enterprise clients, the deal with Dixintong could boost a consumer-oriented business, potentially bringing users onto its blockchain protocol.

Besides mobile devices, Dixintong also sells telecommunications services such as data plans as a licensed virtual services operator.

Basile said the partnership with Dixintong would give Monsoon the access to billions of users in China to reach a larger scale, which would be otherwise impossible in the U.S.

He said Monsoon could assign a unique identity to each smartphone user on its blockchain platform where they can enjoy cheaper data services thanks to its optimized cloud services solution.

In return, users’ data will be processed and stored in the network. When people use 5G services or devices that are connected to the internet, they create much more data than the current network, and that can be valuable for companies to analyze for their business decisions, according to Basile.

“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,” Basile said.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Share76Tweet48
Previous Post

CME Takes Its Bitcoin Options Live, Competing With ICE’s Bakkt

Next Post

Price Analysis Jan 13: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XMR, TRX

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses
Business

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

Juli 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

Mai 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
Load More
Next Post
Price Analysis Jan 13: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XMR, TRX

Price Analysis Jan 13: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XMR, TRX

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev