Blockchain in mongolian technological industry

Business paid news

2020-01-23 16:29 GMT+8

An MoU of Collaboration to enhance feasibility study and testing of introduction of Blockchain technology in Mongolia has been signed between Mr. Tatsuya Hamada, the CM and CEO of Mongolia’s largest mobile operator MobiCom Corporation LLC /Headquartered in Ulaanbaatar, Mongolia/, Mr. Jiang Hai, the CEO of Bubi Technologies Co.Ltd /Headquartered in Beijing, China/, one of the most advanced Blockchain technology provider in China and Ph.D Yulong Zheng, CEO of E-Rainbow Japan Co.Ltd /Headquartered in Tokyo, Japan/, the ICT company based in Japan.

The collaboration will enable parties to intensify development of fundamental infrastructure  on Blockchain technology, which could be widely used in variety of industries in Mongolia, as Bubi Technologies Co.Ltd and E-Rainbow have successful experience on introducing Blockchain technology into Chinese manufacturing and service industries.

Nowadays, Blockchain is a well known advanced technology as a platform of cryptocurrency business all over the world. However, due to its technical uniqueness and secure mechanism as a platform, it cannot only be used for cryptocurrency business but also can be applied to variety of industrial purposes. Simply, it is a system in which records information that are maintained across several computers that are linked in a peer-to-peer network, which previous information can’t be changed but new information can be added with permission of all block respondents. One of the main advantages is that it is possible to introduce to any industry and all industries can be connected through this technology. Every bunch of information is contained in blocks with sealed date and time. The chain of the blocks can’t be disrupted or changed. Therefore, in consequence, Blockchain takes confidence of online information security level to much higher stage and transparency of information would be reliable that notary or agents participation would be lowered leading increased information exchange time.

For example, in agricultural sector, a user can confidently see every stage of raw material to its finished product inputted by related parties, so that agents, customers, suppliers, vendors would use this information for a business to ensure quality. The information can include types of agricultural products, production dates, locations, information of manufacturing companies, originations of products and so on.

Another example is that international ICT companies can use Blockchain system for online contracts to reduce time and improve effeciency. It also allows businesses to simplify auditing and accounting matters and dramatically reduces risks associated with fraudulent information.

Therefore, MobiCom Corporation LLC is conducting feasibility study and initial tests to introduce Blockchain system into its existing businesses as well as possibilities for external business partners from variety of industries, which will bring high level of security and internal process automation.

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