Biz / Tech

Blockchain platform targeting AI on trial in Shanghai

Shanghai startup Bottos eyes market potential for Blockchain even after ban on Bitcoin trading in China 

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 today.

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

Blockchain, with 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 year on year 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 core AI market worth over 150 billion yuan (US$22.66 billion) by 2020, according to the State Council or Cabinet.

Bottos, founded by the Hill Rill Foundation, is authorized by Singapore-based MRI Moores Rowland, a professional auditing firm.

Ti gong / Ti Gong

Song Xin (second from left) attends an industry conference with partners. 

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