The digital payment projects Joseph invested has made significant progress
    发布日期：2018年12月27日

Dr. Chen Jiulin, founder of Joseph Investment, and Mr. Amnon, founder of BitMint.

Joseph Investment invests in BitMint, Israel, which now provides Bank of Shanghai its Advanced Payment Technology

Bank of Shanghai (stock code: 601229) newly developed "pay-like-cash" payment system that operates mobile-to-mobile, even when the network is down, and cash is not available.

Joseph Investment (Beijing) identified in 2016 the promising technology of BitMint, Israel, and decided to invest. This foresight seems to pay off. Recently the Bank of Shanghai announced that it built a new powerful payment system using this Israeli payment technology. BitMint will introduce new measures of convenience to Chinese customers. Mobile to mobile payment will enjoy new levels of security, higher efficiency and other advantages.

BitMint, Israel pioneers the use of quantum randomness in building super-secure cyber products. Its digital payment technology is mathematically optimized for the task of dematerialization of money while representing it as having both value and identity -- the property used by the Bank of Shanghai. BitMint payment applies to peer-to-peer, to business-to-business, and to government payment. It's a unified payment platform that applies equally to credit management and financial instruments of any kind. A paradigm shift.

Bank of Shanghai offers its customers payment continuity, which keeps working even if the network is busy. Its security is assured through the quality of its randomness, which also enables great diversification and conditional payment.

The innovation of “Pay-like-cash” is reflected in the following aspects: First, the method relieves the server from its normal computational burden; which here is passed to the powerful computers in each mobile phone. Second, it is unusually secure and efficient: BitMint products resist attack by relying on the inherent unpredictability of quantum randomness. By comparison, all prevailing ciphers are vulnerable to (i) faster computers (e.g. quantum computing), and (ii) smarter mathematicians. BitMint is immunized against both. And does so with much greater speed, because it avoids complex math.

Third: "Pay-like-Cash," like the name says, is payment from one mobile phone to another -- direct transfer of bits of information. The network does not have to be present and facilitate the transaction, which is what the network must do for all other payment methods.

Fourth: all BitMint payments are subject to any desired set of logical conditions, like nature of use, identity of payee, ownership verification, time sensitive payment (must be completed before and after a certain time) etc. This ability to tether payment to terms, allows for business imagination to implement many powerful, creative, efficient and secure payment situations.

“Pay-like-cash” has been put into a small-scale trial scenario. Bank of Shanghai selected some customers to conduct a pilot experience and it strives to obtain more market demand and optimization suggestions from real user feedback.

In the next phase, the bank will work with some merchant channels to promote “Pay-like-cash” to more usage scenarios.

According to industry experts, “pay-like-cash” indicates that there are more possibilities for development and innovation in future payment methods to accommodate the expected high volume traffic.

From the perspective of business scenarios, whether it is merchants, point-to-point payment, international trade and other scenarios, you can take advantage of the diversified characteristics of “pay-like-cash”, increase the payment conditions according to different needs, and reduce unnecessary costs in the payment process.

BitMint is one of Joseph's many investment projects. Joseph's investment projects include: Taikang Life Insurance, Xiaomi Group, EasyHome Furnish Chain, Poway Environment, Profeta 3D Printing, Dongguan Bitu New Materials, and foreign oilfields.