The stock of Chinanet Online Inc (NASDAQ:CNET) closed at $6.06 gaining 6.32% in yesterday’s trading session. ChinaNet-Online Holdings has proceeded to make the announcement regarding its strategic partnership with Wuxi Jingtum Network Technology. It is also eyeing accomplishing much more in the blockchain industry and is targeting leveraging on its related technology.
The two business gurus have expressed their determination to utilize their respective advantages and will also at the same time be exchanging each other’s ideas in a bid to attain immense success in line with the development of blockchain applications.
A person familiar with the matter said, “Through the contribution of underlying technologies in the blockchain, Jingtum Technology aims to develop a new generation of value-based internet technologies in China helping to upgrade from an information-based network to a value-based exchange network, establishing a credible ecology and promoting preparation as Chinese enterprises enter a new era of digital assets.”
Basically, Jingtum’s system happens to be an ecologically interactive and decentralized internet trading network with its basis on the blockchain technology. The best part about the system lies in the fact that it is able to address the various data trust issues through the distributed coherency mechanisms and cryptography while at the same time maintaining rich contractual and transactional features.
The strategic partnership between Jingtum and ChinaNet will leverage on blockchain technology to come up with a credible, fair and transparent platform for business transactions and opportunities.
In a joint statement, the two outlined that the blockchain technology enjoyed quite a significant demand in terms of the applications for both the medium-sized and small enterprises including product certification, product traceability, customer identification, disintermediation and brand communication.
The most fundamental significance and value is the fact that the enterprise reputation and brand can be transformed in the digital form after which it can be forwarded to the global digital asset trading market for circulation and transactions.
Quite a significant number of the blockchain applications in business development as well as in the marketing filed move a long way towards helping the various SMEs around the globe build a new business ecosystem employing the algorithmic trust.