Chinese financial technology who also produce and sell fruit accompanied products, Future Fintech Group Inc (NASDAQ:FTFT) has recently entered a contractual agreement with Reits Technology Company, a tech design company.
The agreement was reached by GlobalKeysuppy chain, a subsidiary of Future FinTec. The necessities of this contract is the development of a customized universally accessible shopping platform blockchain software system.
The software will be inclusive of a multi-store company to consumer shared e-commerce platform, bulk goods trading, a methodology of connecting online commerce to token payment formality. This is among the various additional systems that GlobalKey is presently discussing with Reits Technology. The revolutionary software system will be somewhat close to a multi-physical store selling a variety of products on each floor.
The use of tokens is ancillary to the project’s flourishment and progressive operation.Mr. HongkeXue, Chief Operating Officer of FinTech believes that the blockchain system in discussions, will enable the success of the company’s core aptitude and support the foreplaned transformation into a lighter asset business. He further stressed on the importance of the blockchain system which will ‘provide a wide range of commercial uses and establish the company as one of the leaders in this piece of technology.’
When done it is believed that the ground-breaking software will be a powerful marketing and distributing tool for FinTech’s products, especially the fruit juice products. It is a potential avenue for marketing and supply chain management for other products as well.
Having already been contracted into a deal to be the main marketer and distributor of ‘IB Live’ health products for Shaanxi Entai-Biotechnology Co. Ltd, this will fit in seamlessly with the laid down vision for the blockchain system.
FinTech will provide a feedback of the system to Reits Technology as continual development of the software continues. Training shall be provided to FinTech officials by Reits personnel on how to use the software. The company will also retain rights to intellectual ownership as it pertains to the customized development.
The cost is expected to be $2 million which the company can pay 70% in shares of the company’s publicly traded stock.