Chinese Fosun group invests in OnChain Blockchain startup

In recent Reuters news piece it was announced the Chinese conglomerate Fosun Group has invested in Shanghai startup Onchain. Onchain is part of Shanghai Distributed Technologies Co headed by CEO Da Hongfei. Da stated, “Fosun is looking to apply the technology across its business in the financial and pharmaceutical sectors.”

Fosun  headed by Group Executive Director and CEO Wang Qumbin  has invested tens of millions of Yuan into Onchain.

Shanghai Distributed Technologies has about 40 employees. It works on blockchain with financial firms and has a joint venture with Guiyang city government in China’s south-west to develop blockchain-based systems for public services. The company offers several blockchain applications. Identity Chain is designed to protect the privacy of real-name identity, map online digital identity and unify management. Legal chain is a commercial legal evidence storage blockchain. Its enterprise level digital asset platform is a private blockchain applied in financial institutions. It is using Hyperledge blockchain platform.