Blockchain Company Bags $24b Contract to Revamp Electric Buses in China

Seven Stars Cloud Group

Seven Stars Cloud Group Inc. is an asset digitization services and global fin-tech company. It operates in the blockchain and AI industry and provides holders and asset owners with a platform for tokenization, digital asset securitization, and trading. It runs an environment and infrastructure through which traditional financial markets are transformed into asset digitization.

The NY based company helps eliminate standard transactional middlemen by connecting corporate buyers with sellers. This brings efficiency, transparency, and new paradigms for markets such as commodities, finance, and other services. Its Center for Technology and Innovation, based in West Hartford, is a “Fin-tech Village” that has pioneered new Al and blockchain technology.

The Seven Stars Group prides itself on a four-core product strategy provision in order to drive growth. These include: Digital Financial Assets, Commodity Digital Assets, Consumer Digital Assets, and Trade-tech Digital Assets.

Electric bus
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Image Credit: CC BY-SA 3.0, https://en.wikipedia.org/w/index.php?curid=13070093

China Invests in Blockchain

Seven Stars Cloud Group recently won a contract with China’s largest electric national transportation company (NTS) worth US$ 24 billion. This is a three-year contract to revamp China`s electric buses.

The exclusive deal aims to issue fixed lease income financing based on products for a large scale upgrade of electric buses in China. This global strategic alliance is part of the Chinese government’s plan to replace and upgrade electric buses in China by 2021. In addition, the company will run two financing campaigns. The first one will be run in China and the second will be run concurrently across the global markets.

The campaigns will be conducted through the sale of fixed income products financing activities. The campaign in China aims to raise Chinese Yuan (RMB) 60 billion within three years, and US $15 billion within the same period. In particular, the financing products will be carried out through the Seven Star’s blockchain ecosystem.

The achievement of this financing will necessitate mandatory replacements and upgrades of massive proportions. The NTS’ operations extend throughout China. This includes electric bus leases, a charging station network, mobile application for payments, sales payments, and several other real-time facilities.

The leading bus manufacturers in China firmly supports NTS in this endeavor. Furthermore, the achievement and success of this initiative with Seven Stars Group will integrate digital offerings that are asset-backed and blockchain enabled into the transportation systems.

This is one arrow in China’s quiver when it comes to blockchain development and integration. The country has warned of ICO scams, and most certainly fears a sovereign currency as a challenge to its own centrally-controlled monetary policy, but when it comes to blockchain, they’ve been far more open minded. Among other investments, they recently tapped the Ethereum network for their futuristic dream city program. The country has also unveiled an ambitious action plan that boosts IT services with the help of blockchain. It’s a safe bet that more announcements will made as blockchain technology improves.

 

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Grace Muthoni
Grace Muthoni is a Staff Writer for Block Telegraph. She is a Crypto Enthusiast and covers topics relating to the digital currencies and the Blockchain. She studied Economics and is well vested with numbers, statistical analysis, data presentation and quality content writing.

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