Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as Future FinTech”, “FTFT” or “the Company”), a leading blockchain e-commerce company and a service provider for financial technology, today announced that on February 26, 2021, the Company received registration certificates for ten software copyrights related to blockchain technology applications issued by the China National Copyright Administration (“CNCA”). On December 31, 2020, the China Copyright Protection Center of the CNCA accepted the Company’s application for these copyrights, which were first submitted for review in June of 2020.
Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, stated, “We are pleased that we have been granted the software copyrights which are essential to securing our blockchain based e-commerce platform’s anti-counterfeiting and consumer reward points systems. Additional application of these technologies will also enhance our supply chain, contract farming and order management systems. The software copyrights will protect our intellectual property rights and help us to further improve our blockchain based e-commerce platform.”
“The software copyrights marks the further improvement of the Company’s blockchain based credit settlement and payment technology system,” Mr. Huang continued. “These software applications could also be used in traditional manufacturing, e-commerce, the financial industry and monetary payment systems which may substantially lower transaction costs, reduce the consumption of human and material resources and create a payment system that is more diverse and modernized. In addition, the software applications will effectively promote the construction of an electronic enterprise payment system and further help enterprises improve efficiencies and reduce costs while making the use of digital financial services more extensive.”
The Company has been developing and improving its anti-counterfeiting and tracing system by using blockchain technology for its e-commerce platform Chain Cloud Mall (“CCM”). CCM not only issues unique anti-counterfeiting QR codes to trace products and ensure their authenticity, it also provides anti-counterfeiting reward points to consumers who can use these points to receive discounts and other benefits. Most importantly, consumers can enjoy a unique value-added shopping experience encompassing a wide array of businesses with the assurance of no counterfeit activity on the CCM mall.
Future FinTech’s ten software utilizing blockchain technologies for its e-commerce platform and anti-counterfeiting and tracing system are as follows:
- A blockchain credit points discount settlement system
- A blockchain credit points circulation monitoring system
- A legal currency and credit points synchronization settlement system
- A blockchain credit points flow system
- An agent automatic profit distribution system
- An agent automatic tax deduction and accounting system
- A manufacturer automatic accounting system
- An e-commerce and blockchain anti-counterfeiting linkage system
- A blockchain discount and promotion automatic balance system
- A blockchain real-name authentication and legal responsibility system