Midea Group partners with Fuzhamei to develop blockchain billing platform
12th April Shunde- Midea Group Finance Co., Ltd announced partnering with Hangzhou Fuzhamei or 33.cn to develop a blockchain-based financial instruments platform, which signals the start of industrial level blockchain application. The strategic cooperation contract was signed in the headquarter of Midea Group in Shunde, Guangdong.
Midea is China’s home appliance giant with annual revenue of 146.68 billion yuan and 138.441 billion yuan in 2014 and 2015. The company announced earlier this year that the Company is aiming to transform into a “Smart Factory” and looking for growth through technological innovation. Obviously the potential of blockchain has attracted their attention.
Li Mingde, Director of Midea Group Finance, said that the blockchain technology could be applied to the bill products, especially in the supply chain finance. The blockchain-based billing products include the supply and demand matching, credit rating, distributed supervision, data storage and smart transactions.
Fuzhamei is based in Hangzhou and focus on blockchain applications. They have announced cooperation with Hainan Airlines last month.
Midea Group is not alone in the manufacturing industry who seeks transformation through blockchain technology. TCL, JD have already set to explore blockchain technology. JD Streamline its Assets-Backed Securities through Blockchain.
Previously, it’s reported that Midea Group favored Hyperledger Fabric as the platform for future development. The reason for choosing Hyperledger is that the project has a lot of successful domestic and international business applications, community is stable and active. Technical problems can be resolved easily solved with community support. The cooperation with Fuzhamei tells a different story.