The Food and Drug Administration of the Chinese Chongqing Yuzhong District is going to apply blockchain technology to its operations, the official newspaper of the Chinese Communist Party, The People's Daily, reports on Jan. 31. Blockchain will purportedly be applied by the agency to strengthen the supervision of food and drug quality assurance with better traceability of the product life cycle and anti-counterfeiting measures. Deng Ke, the CEO of PrimeNumber Chain Technology Chengdu Co., Ltd -- the company that developed the blockchain which will be used by the system -- said that the system will not only help improve the government's regulatory measures, but will also improve the efficiency of the supervision. The blockchain traceability system will also provide centralized management of traceability information for enterprises and permit queries for information about products. As Cointelegraph recently reported, the Cyberspace Administration of China has introduced new regulations for blockchain firms that are operating in the country.
NEW YORK – Major U.S. stock indexes were essentially flat in afternoon trading Thursday after shedding some of their losses from earlier in the day. The wobbly trading came as investors assessed the latest company earnings reports and monitored developments in the outbreak of a new virus in China. The World Health Organization declared the outbreak a global emergency Thursday after the number of cases spiked tenfold in a week. The new type of coronavirus is starting to spread to people outside China, which is essentially on lockdown. There are currently more than 7,800 confirmed cases, mostly in central China, and 170 deaths, mostly in Hubei province.
Shukun Technology, a startup founded two years ago in Beijing that uses artificial intelligence to diagnose heart disease, is developing a technology that could help tackle one of China's most urgent medical problems: a shortage of doctors to treat a rapidly growing population of older, sicker people. Shukun uses software, a database of millions of images of healthy and diseased hearts and machine learning algorithms to make heart CT scans more accurate. The company hopes its product will help doctors diagnose a heart patient's condition and plan surgery faster than they can now. The company has raised $50 million from venture capitalists in mainland China and Hong Kong, including Morningside Venture Capital, Huagai Capital and China Creation Ventures.
Blockchain may have been the obvious choice when one considers the subcategory of fintech that might gain traction this year, but we should have expected that the rise of a more reliable ledger system would pave the way to the rise of companies that would be able to utilise information gleaned from said ledger. Either through newly collected information or utilising data banks that have been sitting idly in data caches of various big corporations, artificial intelligence (AI) has risen and may pave the way for the future of fintech. McKinsey estimates that AI could potentially create between US$3.5 trillion and US$5.8 trillion in value annually across nine business functions in 19 industries. In Asia, Hong Kong's AI sector is getting a slice of a HK$50 billion of budget 2019, and the Monetary Authority of Singapore has a standing US$27 million AI grant named AIDA furthering the island nation's drive into artificial intelligence. With the world waking up to the scene, we have compiled a list of AI companies to watch that have a stake in fintech.
RE•WORK's fifth global Machine Intelligence Summit kicked off today in Hong Kong, hosted alongside the AI in Healthcare Summit, which saw a mix of researchers, industry experts and startups explore the latest machine learning, AI tools and techniques. With two tracks, a full day of presentations, workshops, networking and a VC session, there was plenty to capture everyone's attention. Leading minds from NASA, eBay, and HSBC lead the way on topics such as deep learning for eCommerce and using GANs in algorithmic trading. The morning began with attendees grabbing breakfast and sitting down to listen to the Deputy Government CIO at The Government of the HKSAR speak on how they are using big data and AI to develop Hong Kong as a smart city. Their main goal is to use AI to make more informed decisions which will improve both the quality of public services and the quality of life of Hong Kong's citizens.