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You should know about Xiaomi Blockchain

It seems like China's mobile and computer conglomerate Xiaomi is making its blockchain ambitions more seriously. The firm has also set up a joint partnership to focus on new business areas like blockchain, big data and artificial intelligence (AI).

The Hong Kong-listed Chinese company has been studying blockchain since 2017, and the recent move demonstrates Xiaomi’s determination to succeed against the ranks of Alibaba and Tencent in the intense blockchain battle.

The new entity has its business activities in Chongquing, a town located in the south-west of the country, with software and services related to blockchain applications as well as an AI database, data processing, and storage facilities in conjunction with the Tianyancha search network (available only in China).

It is known that the reported capital of “Industry and Finance Big Data” is 66 million yuan and that the legal representative and chairman is Cao Ziwei, Vice President of Xiaomi Financial Strategy. Xiaomi Digital Technology Co., Ltd. (hereinafter “Xiaomi”) owns 49 percent of “Industrial and Financial Big Data” and is the largest shareholder. The remaining three owners are Chongqing International Logistics Hub Development Co., Ltd. and Chongqing Hanhua Fuhui Industrial Co., Ltd. Co., Ltd. and Chongqing Weixi Smart Things Technology Co., Ltd. Mars Finance previously reported that Xiaomi had set up a blockchain sector, set up a “big data industry finance” or another step for the company to facilitate the growth of blockchain-related businesses. In March 2018, Xiaomi introduced the first blockchain application called “Crypto Rabbit” (blockchain game) and later introduced the second blockchain application called “Xiaomi WiFi Chain” in the following month.

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At that period, Tang Mu, Vice President of Xiaomi Ecological Network, said: “The’ WiFi Chain’ is a limited framework experiment focused on blockchain technology. It is a shared accounting device. This is an effort that the team has been fooling around for a long time.” That same year, Xiaomi Fintech officially launched a financial partnership network system with technical features such as multimedia. This approach is focused on the characteristics of blockchain technology and can break down all parties involved in financial activities Data island issues.

At the “POW’ER 2019 Global Developer Conference” held in August last year, Cui Baoqiu, Vice President of the Xiaomi Group and Chairman of the Technical Committee of the Company, said at the

The future of blockchain is very grand, but compared to AI and IoT, the journey of blockchain is still very difficult. The dividends of the new generation of AI technology represented by deep learning and the dividends of big data are far from being finished.

From this, it is believed that the market reach encompasses the “big data finance industry” for assets such as big data, AI and blockchain.

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