NEW YORK, NY / ACCESSWIRE / April 1, 2020 / Zhejiang DataQin Technology Co., Ltd. (DataQin) announced that it has secured tens of millions RMB in series Pre-A funding, led by multiple industry investors, financial industry leaders and Koala Fund, and joined by several angel investors. So far, DataQin has completed two rounds of funding, securing a total funding amount of over 100 million RMB.
The founding team of DataQin is one of the earliest blockchain startup teams in China. The team started researching cryptocurrencies in 2013, and in 2014, they embarked on an exploration of blockchain technology and applications. In 2015, based on the idea of “Evidence Deposition, Credibility Enhancement, Authentication”, they released VERAXChain 1.0 and Baoquan.com, a one-stop solution for data rights. VERAXChain consortium blockchain was subsequently released in 2017. In 2018, they released the Data Finance Platform, a trusted big data exchange platform based on blockchain smart contracts. The mission of the Data Finance Platform is to make data a production factor that flows like petroleum, and achieve law-compliant exchange and monetization of data. In 2019, they released a hybrid blockchain architecture that combines the advantages of public blockchain and consortium blockchain, offering a reliable technology solution for blockchain applications. Having passed the blockchain evaluation of China Electronics Standardization Institute and CCID Permissioned Blockchain, it is one of the few “domestic, autonomous, secure, and reliable” blockchain projects in China.
With a focus on “Blockchain + Big Data”, solid blockchain R&D capabilities and rich experiences in informatization projects, DataQin has launched products and services in banking, insurance, finance and taxation, securities, government affairs, justice system and big data. During the process of blockchain empowering the real economy and the new wave of global digital transformation, DataQin has grown from a pioneer of the new digital economy to an industry leader.
DataQin Fully Engaged in the “New Infrastructure” of the Digital Economy
China’s central government has proposed to speed up the construction of “new infrastructure” such as 5G networks, artificial intelligence, data centers and industrial Internet. Gao Hang, chairman of DataQin, said, “The promotion of blockchain technology is a key part in the construction of the new digital infrastructure. Many people might be unaware of the importance of blockchain technology. However, in a sense, China underlining blockchain as national strategy matches up to the Information Superhighway proposed by the Clinton administration in 1993. I believe that in a few years, it will be proved that both have major significance in history. “
The introduction of blockchain into the new infrastructure will accelerate the construction of the digital economy infrastructure and facilitate sustainable social and economic development. As one of the first companies in China to introduce blockchain technology to government affairs and commercial applications, with two core products Baoquan.com and Data Finance Platform, DataQin continues to play a role in fields related to the new infrastructure, by providing high-quality, diverse blockchain solutions for government sectors and enterprises. Yu Xuemai, CEO of DataQin said, “We are witnessing the rapid development of blockchain technology. Based on our practice in the last few years, it is clear that the new infrastructure construction plays an important role in the development of the digital economy ecosystem. More and more of our customers are adopting our technology vision ‘Hybrid Cloud + Hybrid Chain’ to carry out operations based on data, computing power and algorithms. These ‘digital factories’ will become the main fuel of economic growth in the future.”
With the mission to advance blockchain standardization and years of pursuit of innovation, DataQin has become a leader in both applications and industry standards. In terms of applications, DataQin has penetrated 5 of the most potential areas, including finance, public welfare, government affairs, justice system and medical services. Through technology innovation, DataQin has made breakthroughs in blockchain performance, security, law-compliance, and cost efficiency, and promoted the integrated development of blockchain technology and various industries. So far, DataQin is working with hundreds of government bureaus and business organizations and experiencing rapid growth in business performance.
Apart from technology innovation and application expansion, DataQin is also taking an active part in promoting the standardization of the blockchain industry, such as participating in the drafting of national standards and the publishing of industry reports and books. These include Evaluation Requirements for Trusted Data Services and Providers formulated by the Big Data Technology Standards Promotion Committee of the China Communications Standards Association, Hangzhou Blockchain Industry Development Report (2017, 2018, 2019), and three blockchain publications Digital Currency, Blockchain and New Economy, and Blockchain and Artificial Intelligence.
Blockchain Technology Laying the Foundation of Trust for a Digital Society
As the application platform of DataQin’s blockchain technology, the optimization and promotion of Baoquan.com is one of the long-term plans of DataQin. National guidelines specified by President Xi Jinping on October 24th 2019 call for blockchains that are more convenient, more easy-to-use, and more secure. These are the exact goals and results of DataQin’s products.
As China’s first blockchain-based electronic data deposition platform, Baoquan.com was launched in 2015. In 2018, for China’s first judicial case to accept blockchain-authenticated evidence, the evidence was deposited and authenticated on baoquan.com. As a pioneer of blockchain-based evidence deposition in China, Baoquan.com has partnered up with multiple judicial organizations to provide users with one-stop solutions for data rights, including evidence preservation & authentication, copyright monitoring, online evidence deposition and online notary services, offering efficient, reliable, and high-quality services for customers from legal, creative and financial industries.
Up until December 2019, Baoquan.com has accumulated over 1.05 million registered users, over 71 million pieces of deposited data and over 200 judicial cases across China, with a block height of over 3,320,000. Baoquan.com aims to protect user’s rights by reducing the costs of protecting those rights and increasing the costs of violating those rights, and ultimately achieve a state of “no litigation” by introducing new technology to achieve “smart justice system”.
During the coronavirus outbreak, based on existing features of Baoquan.com, DataQin completed a prototype of a donation tracking platform within 48 hours. The donation tracking platform provides a blockchain-based solution for donation tracking, which stores, records and tracks the entire circulation process of donated supplies.
Blockchain + Big Data: Facilitating Reliable Exchange of Digital Resources
As another core product of DataQin, the Data Finance Platform combines big data and blockchain, and aims to break down data silos, unleash the values of data, and unravel the inter-relationship of data in complex networks. So far, the Data Finance Platform has provided data analysis solutions for government sectors, enterprises and other organizations to establish an efficient and fair digital incentive ecosystem. With blockchain as infrastructure, and large-scale, credible institutions as nodes, the Data Finance Platform implements a flexible design through a bottom-up approach to meet diverse needs. In terms of big data, the Data Finance Platform has built a distributed file system that provides data service solutions from collection, modeling, storage, analysis to intelligent applications, making the most of the values of data. On the Data Finance Platform, data generated by the business systems must be authorized by the sources before they can be exchanged, placing the ownership of data into the hands of those who generate them.
Based on the structure of the Data Finance Platform, DataQin participated in the development of a provincial financial integrated service platform. This platform has handled business of over 50 billion since its launch. During the coronavirus outbreak, an enterprise group in Jinhua, Zhejiang Province put in extra hours to facilitate the wholesale and transportation of a large number of donated vegetables and fruits to Hubei province. Due to operation needs under this special situation, it only took 2 days before they were granted a 100 million RMB loan through the platform, which helped meet their urgent financial needs during the fight against coronavirus.
To help customers build blockchain applications with efficiency, DataQin released a Blockchain-as-a-Service (BaaS) platform that allows developers, even those without the knowledge of blockchain technology, to deploy and maintain blockchain nodes and networks that cater to the needs of their business. The platform also integrates smart contract templates, consensus algorithm modules and interface management platforms to facilitate developers to seamlessly connect the blockchain to traditional IT systems.
Building a “Blockchain + Finance + Scenario” Ecosystem: DataQin Expanding into FinTech
Since its establishment, DataQin has been committed to expanding application scenarios and promoting the integration of blockchain and FinTech. Tang Bin, president of DataQin, believes that blockchain technology has immense potential in the finance sector. The finance sector covers a wide range of industries from banking, insurance to securities, all of which cannot do without transactions, and countless pieces of data recording transaction information. It is the responsibility of the financial industry to ensure the security and integrity of transaction information. As a revolutionary technology, blockchain technology is essentially a distributed ledger which was originally designed for bookkeeping. Due to its decentralization, immutability, and traceability, blockchain technology can solve key issues in bookkeeping, such as credibility, notarization, audit, and confirmation of rights. Blockchain not only is capable of transforming financial infrastructure, but also adds to the efficiency of various scenarios, such as supervision, trading, credit reporting, and data circulation. Blockchain technology has proved its advantages, and the high degree of digitalization of the financial industry itself has further reduced the threshold for integration between the two.
The DataQin BaaS platform has attracted dozens of customers from the financial industry, covering application scenarios from supply chain finance, cross-border payments to asset securitization. Taking supply chain finance as example, the DataQin BaaS platform enables synchronization of key business information to the blockchain, which helps achieve trust between core enterprises, meet the various business needs of the supply chain financial platform, realize the integration and circulation of information, capital, logistics and business between core enterprises and upstream/downstream enterprises, solve financing difficulties and reduce financing costs for SMEs in the supply chain.
Gao Hang, founder and chairman of DataQin, said, “In fact, DataQin closed this round of funding before the Chinese Spring Festival. DataQin is one of the few companies thriving in spite of the coronavirus outbreak. Although the blockchain industry is still in its early stages, it has shown immense potential. DataQin will bring huge returns for investors.” Several angel investors that joined this round of funding are very familiar with DataQin and its vision. They are confident in DataQin’s technology strength and are willing to support its long-term development. 2020 will be the year when DataQin takes off. DataQin will continue to practice the idea of “Chain Up the World”, explore blockchain innovation and expand industrial applications. This round of funding will be used to recruit blockchain talents, strengthen R&D capabilities, and expand commercial applications in areas such as justice system, finance, data circulation, supply chain tracking and industrial parks, which ultimately forms a cross-domain connection that fuels the digital economy “new infrastructure”.
Company Name: DataQin
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