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Future FinTech and China Foundation of Consumer Protection Begins Trial Operation of Blockchain Technology System
NEW YORK, March 24, 2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a
About this update from Future Fintech Group Inc.
[{"type":"text","content":"NEW YORK, March 24, 2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) (\"hereinafter referred to as \"Future FinTech\", \"FTFT\" or \"the Company\"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that its wholly-owned subsidiary Cloud Chain Network and Technology (Tianjin) Co., Ltd. (\"Cloud Chain Network\", formerly known as Chain Cloud Mall Network and Technology (Tianjin) Co., Limited) and the Anti-Counterfeiting Committee of the China Foundation of Consumer Protection (the \"Anti-Counterfeiting Committee\"), began the trial operation of its jointly developed Blockchain Quality and Safety Traceability System. The need for the system is attributable to the '3.15 China Brand Responsibility Plan', which is intended to address b2c abuses as part of China's consumer rights initiative. \n\n \n \n \n \n \n \n\n \nThe Blockchain Quality and Safety Traceability System includes three independent systems as follows:\nCredit Verification System – an anti-counterfeiting server that is responsible for recording and maintaining the anti-counterfeiting joint signatures of the Anti-Counterfeiting Committee and the enterprises for their products on the blockchain; the Anti-Counterfeiting Committee is responsible for its maintenance and operation. Engagement Protocol Decoder – converts the blockchain based signatures of the Anti-Counterfeiting Committee and the enterprises to QR bar codes for consumers to easily scan for specific products and its manufacturers recorded on the blockchain. The Anti-Counterfeiting Committee and Credit Verification System record and maintain anti-counterfeiting points earned by consumers from the scanning of product bar codes of such enterprises. The point system is a rewards mechanism that incentivizes consumers to participate in the anti-counterfeiting process where points can be redeemed for discounts for future product purchases on FTFT's blockchain-based online chain cloud shopping mall (\"CCM\"). Cloud Chain Network has developed software to connect bar codes with the blockchain record and is responsible for this operation. Enterprise Communication as a Service or eCAAS – is a service provided by the CCM shopping mall where consumers can redeem their anti-counterfeiting points at the stores of enterprises; Cloud Chain Network is responsible for this...