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HKSAR agrees to finance Blockchain project

Source:UBI Blockchain Internet Ltd

Date Published:1/11/2018 02:01:20 PM

UBI Blockchain aims to be able to trace a food or drug product from its original source within the context of the Internet of Things to the final consumer

UBI Blockchain Internet Ltd. said that the Hong Kong Special Administration Region has approved and participated in financing the blockchain technology project being developed by UBI and The Hong Kong Polytechnic University. The agreement between UBI and HKSAR for financing the project is fully effective, for a total of HK$6,000,000 (approximately US$ 700,000).

Blockchain-based technology and research platforms aim to resolve food and drug safety issues.

UBI Blockchain Internet Ltd. ("环球" in Chinese) is a technology-driven company researching and developing applications of blockchain technology for the food, pharmaceutical and healthcare industries. The company will come up with procedures for food and drug safety as well as solutions for preventing counterfeit or fake food and drugs. The company's strategic aim, with the advancement of blockchain technology, is to be able to trace a food or drug product from its original source within the context of the Internet of Things to the final consumer.

Tony Liu, UBI's chairman & CEO, said, "it is a significant milestone for UBI to have a successful joint effort with HKPU, with an official endorsement from HKSAR, in order to build an application oriented research and development platform of the blockchain technology.  This is also a significant event for the research and application of the blockchain technology,  We are full of hope and full of expectations for the future.  UBI will do it best to build the blockchain technology for the benefit of consumers together with support from universities, governments, and social resources."

 

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