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Blockchain project opens up JLC bulk commodity service ally

JLC October 19 , 2018 Victor Yang

Beijing (JLC), October 19, 2018--A financing service product based on a state-prize-winning tea was issued at Qingdao Joint Credit Assets Trading Center on October 15, 2018, signifying the application of JLC’s blockchain technologies and the establishment of the ecological circle for tea trading.

 

    This ecological circle was jointly established by JLC Blockchain Co, Hunan Baiyun Mountain Tea Farm, Hunan Tea Group, Beijing Kaishi Fanghua General Agency, Central-Guizhou Ecological Tea Trading Center, Qingdao Joint Credit Assets Trading Center and some other companies.

 

    The ecological chain project for the Zhenxi Fu Tea (Zhenxi is a tea brand owned by Hunan Tea Group) was built by JLC, based on Hyperledger technologies. Under this project, important links in the tea industry, including tea picking, processing, quality inspection, logistics, storage, trading and asset-backed securitization will be put on the chain, and thus the whole process from the production of the tea brick (compressed tea in the shape of a brick) to sales will be recorded. The warehousing, ownership, circulation, etc. of the product will be recorded with blockchain technologies, in which processes can be traced but records cannot be modified. This will be used for financial companies to finance through asset-backed securitization and enhance the competitiveness of the industry.

 

    "With the blockchain technology as fundamental support, JLC has built an industry alliance chain in the bulk commodity field participated by entity companies, trading centers, traders, financial institutes, institutes similar to financial ones, and logistics companies. It has established a credit channel for product flow, capital flow and information flow in the closed-loop ecological circle and provided an internal accelerator for the safe circulation of capital within the circle, and this has promoted industry upgrading substantially," said Li Dapeng, an initiator of trading service alliance for bulk commodities and the CEO of Qingdao Joint Credit Assets Trading Center.

 

    Mr. Li explained that the blockchain team was jointly set up by his trading center because they recognized JLC’s the business mode which has existed for years and valued the application of the technology in the field of bulk commodity trading.

 

    As early as at the beginning of 2018, JLC had started preparations for applying blockchain technology in the bulk commodity field, integrating industry resources and establishing OTC market. In April 2018, the company signed a strategic cooperation agreement with Qingdao Joint Credit Assets Trading Center, to cooperate in blockchain projects in the bulk commodity field and financial value-added services. In August 2018, JLC brought online a bulk commodity trading platform named JLX and based on block chain technologies.

 

    JLC blockchain projects have already made profits, and such projects are among the non-currency blockchain greatly encouraged by the Chinese government.

 

    Blockchain is not only a technology, but also the key fusion agent for establishing industry ecological circle alliance. JLC will apply the blockchain technology to not only the food industry but also to the chemical, oil, steel and other industries in the futures. 

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