May 17, 2022

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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/ — Long run FinTech Team Inc. (NASDAQ: FTFT) (“hereinafter referred to as “Upcoming FinTech”, “FTFT” or “the Enterprise”), a top blockchain-based mostly e-commerce business and a fintech provider service provider, declared now that its wholly-owned subsidiary Cloud Chain Community and Engineering (Tianjin) Co., Ltd. (“Cloud Chain Network”, formerly known as Chain Cloud Mall Community and Technologies (Tianjin) Co., Limited) and the Anti-Counterfeiting Committee of the China Basis of Buyer Defense (the “Anti-Counterfeiting Committee”), began the demo operation of its jointly designed Blockchain Quality and Basic safety Traceability Process. The require for the system is attributable to the ‘3.15 China Model Responsibility Plan’, which is meant to address b2c abuses as section of China’s customer legal rights initiative.

(PRNewsfoto/Future FinTech Group Inc.)

(PRNewsfoto/Long run FinTech Group Inc.)

The Blockchain High quality and Basic safety Traceability Procedure involves a few impartial techniques as follows:

  1. Credit rating Verification Technique – an anti-counterfeiting server that is dependable for recording and sustaining the anti-counterfeiting joint signatures of the Anti-Counterfeiting Committee and the enterprises for their solutions on the blockchain the Anti-Counterfeiting Committee is dependable for its routine maintenance and procedure.

  2. Engagement Protocol Decoder – converts the blockchain primarily based signatures of the Anti-Counterfeiting Committee and the enterprises to QR bar codes for shoppers to effortlessly scan for unique products and its brands recorded on the blockchain. The Anti-Counterfeiting Committee and Credit Verification System record and sustain anti-counterfeiting points acquired by shoppers from the scanning of merchandise bar codes of this sort of enterprises. The place method is a rewards system that incentivizes shoppers to participate in the anti-counterfeiting method where by points can be redeemed for special discounts for future merchandise buys on FTFT’s blockchain-centered on the internet chain cloud procuring shopping mall (“CCM”). Cloud Chain Community has made program to join bar codes with the blockchain report and is liable for this procedure.

  3. Organization Interaction as a Provider or eCAAS – is a service provided by the CCM searching shopping mall where individuals can redeem their anti-counterfeiting points at the merchants of enterprises Cloud Chain Network is accountable for this procedure.

Mr. Yan Zhi, General Supervisor of FTFT’s Cloud Chain Community, reported “Our jointly created blockchain technologies process addresses the requisites of the anti-counterfeiting edicts of the ‘3.15 China Brand Obligation Plan’ which is to develop a transparent and accountable business-to-shopper ecosystem which can support to endorse healthful financial advancement. A key element of the blockchain safety program is that it records signatures of both equally enterprises and the Anti-Counterfeiting Committee which assures both authenticity and honesty.”

Mr. Zhi continued, “Because the blockchain defense know-how is primarily based on the Credit score Verification Program managed by the Anti-Counterfeiting Committee, anti-counterfeiting factors on the blockchain safety server are instantly attained by and introduced to people outside the house of the purview of enterprises.”

The China Foundation of Purchaser Protection was recognized in November 1989. It is supervised by the Condition-owned Property Supervision and the Administration Fee of the Point out Council of China. Its mission is to guard the passions of shoppers and carry out its responsibilities as a nonprofit buyer safety agency below the Buyer Protection Law of China. One particular of its primary duties is to guidance and participate in anti-counterfeiting functions and eradicate dishonest business habits in the purchaser products marketplace.

The Anti-Counterfeiting Committee of the China Basis of Purchaser Security was established in July 2000. It is the to start with and only group that is authorised by China’s Ministry of Civil Affairs that specializes in anti- counterfeiting in China. It focuses on cracking down on phony and shoddy products and solutions that harm the rights and interests of individuals. At present, it has founded 4 support divisions which consist of a social investigation device, a legal support device, a information provider unit and a commodity inspection device these units function to eradicate counterfeiting in all of China’s client sectors.

About Potential FinTech Group Inc.

Potential FinTech Group Inc. is a major blockchain e-commerce organization and a assistance company for economic know-how integrated in Florida. The Company’s operations consist of a blockchain-based mostly on the internet buying shopping mall system, Chain Cloud Mall (“CCM”), offer chain financing products and services and cryptocurrency market knowledge providers. The Enterprise is also engaged in the progress of blockchain primarily based e-Commerce technological know-how, cryptocurrency mining, cryptocurrency financial investment management as perfectly as economical support know-how organizations. For extra information and facts, you should pay a visit to http://www.ftft.com/.

Secure Harbor Statement

Specific of the statements built in this press launch are “ahead-wanting statements” within just the meaning and protections of Part 27A of the Securities Act of 1933, as amended and Part 21E of the Securities Exchange Act of 1934, as amended, or the Trade Act. Forward-searching statements contain statements with respect to our beliefs, strategies, aims, plans, anticipations, anticipations, assumptions, estimates, intentions, and potential performance, and require identified and mysterious risks, uncertainties and other aspects, which may be outside of our command, and which may well result in the actual outcomes, general performance, cash, possession or achievements of the Business to be materially distinctive from future results, general performance or achievements expressed or implied by these types of forward-hunting statements. All statements other than statements of historic simple fact are statements that could be forward-on the lookout statements. You can detect these ahead-on the lookout statements by means of our use of terms such as “may,” “will,” “foresee,” “believe,” “should,” “reveal,” “would,” “imagine,” “contemplate,” “anticipate,” “estimate,” “proceed,” “strategy,” “position to,” “venture,” “could,” “intend,” “target” and other similar phrases and expressions of the potential.

All written or oral forward-looking statements attributable to us are expressly competent in their entirety by this cautionary detect, which include, without the need of limitation, these dangers and uncertainties explained in our annual report on Form 10-K for the year ended December 31, 2020 and our other reports and filings with SEC. These reviews are offered upon request from the Corporation, or from the Securities and Trade Commission, such as as a result of the SEC’s Online site at http://www.sec.gov. We have no obligation and do not undertake to update, revise or accurate any of the ahead-on the lookout statements following the day hereof, or soon after the respective dates on which any these statements usually are created.

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Source Future FinTech Team Inc.