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December 19, 2017

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Blockchain for FinTech, AI on trial in Shanghai

By Zhu Shenshen | 00:01 UTC+8 December 19, 2017 | Print Edition

A Blockchain platform that targets the booming Financial Technology, or FinTech, and artificial intelligence sectors in the country is on trial in Shanghai — the first of its kind in China, Shanghai Daily learned yesterday.

Shanghai-based startup Bottos offers a trading platform between AI firms and organizations that can handle a huge volume of data, which are a key resource to help AI firms improve algorithms.

Bottos’ applications have unique advantages of Blockchain like trackability, creditable data and records and user-friendly interfaces, said the company. Its unidentified investors are from both finance and tech industries.

Blockchain, which distributes a database network that maintains a continuously growing list of “blocks” with data records, provides a tamper-proof data structure for virtual transactions.

Bottos now boasts an online community of over 100,000 users. Bottos has tech partners including ARM, SenseTime and Haier.

In November, China’s Bitcoin trading platforms stopped topping up and cash services after the government halted Bitcoin trading in September as it clamped down on crypto-currencies.

China’s direct investment in FinTech sectors in 2016 tripled annually to 6.5 billion pounds (US$8.1 billion), pointing to a huge potential in online finance, blockchain and other applications, EY said recently.

China aims to develop a AI market valued at more than 150 billion yuan (US$22.66 billion) by 2020.

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