It is an understatement to say that 2018 and the first several months of 2019 were forgettable for most blockchain and cryptocurrency companies. On December 17, 2017, Bitcoin hit an all-time high of $19,783.06. But just five days later, on December 22, Bitcoin fell below $11,000, and by the following November, the price of Bitcoin sank to $5,500. On January 26, 2018, Coincheck, Japan’s largest cryptocurrency OTC market, was hacked and 530 million US dollars were stolen. In March 2018, Facebook, Google, and Twitter banned advertisements for initial coin offerings (ICO) and token sales.
However, amid the doom and gloom that befell the market, there were some notable success stories – companies that hit funding objectives exceeded technology goals and surpassed investor and media expectations.
Today, we’re going to take a look at MATRIX AI Network, a company registered in Hong Kong with offices in Beijing, that is launching an intelligent, open-source, new generation blockchain that aims to solve major challenges currently constraining the development and adoption of blockchain technology, by integrating the latest artificial intelligence (AI) technology to deliver an easier, safer, faster and more flexible blockchain. Instead of basking in blockchain hype (and hyperbole), Matrix AI Network’s executive and development team have been hard at work on refining its blockchain strategy to deliver meaningful and measurable returns.
In February 2019, Matrix announced the highly anticipated launch of its mainnet platform and token exchange, “our team has built a high-performance blockchain that addresses the issues of speed, safety, performance, functionality, and interoperability that have been a constant challenge to widespread blockchain adoption,” said Dr. Steve Deng, Chief AI Scientist for Matrix AI Network.
Matrix AI Network is collaborating with several top-rated Chinese hospitals, such as Shanghai Pulmonary Hospital at Tongji University, and Huadong Hospital at Fudan University, to develop early cancer diagnostic systems for lung, thyroid and liver cancers. The “integration of blockchain and AI is bridging several emerging issues for AI in the medical field. There is a growing demand for parallel processing and quick turnaround of different kinds of AI-assisted diagnoses,” says Matrix’s Chief AI Scientist Professor Steve Deng.
Over the past year, Matrix AI Network announced several strategic alliances and partnerships in the public and private sector, with organizations including Distributed AI Alliance; Tsinghua University Bayesian Computing Lab; Peking University Cancer Hospital; Advanced Telecommunication Chain Industry Alliance; and China Standards and Innovation Alliance’s Artificial Intelligence and Blockchain Council.
In 2018, Matrix announced that it was the only blockchain-related project to be approved as a partner for China’s trillion-dollar One Belt One Road (OBOR) initiative. In this partnership, Matrix will assist with training and consultation in both AI and blockchain and serve as the primary application platform in both areas for the center. All OBOR contracts that go through the center relating to the blockchain will go through the Matrix AI Network.
In May 2018, Matrix announced its second partnership related to OBOR, this time with International Digital Asset Company (IDA), asset digitization and tracking specializing in OBOR ventures. As of today, IDA holds approximately 3 billion USD worth of assets in the form of natural resources. The partnership between IDA and Matrix will allow these natural resources to be further digitized using the Matrix blockchain. The digitization process will allow faster and easier tracking – essential elements in modernizing international shipping and logistics.
Matrix is continuing its progress on an intelligent global freight shipping application platform for OGI Ocean Gate Transportation Company, an international freight forwarding, and integrated logistics services company, integrating big data information processing, smart contracts, DApps, financial services and payment systems on the Matrix AI Network blockchain.
Along with the successful recent launch of its mainnet, and its highly anticipated token swap, Matrix had a few more big public announcements ready to share with its community.
The MBC Project, the only international shipping intelligent trading platform servicing the dry bulk market, will be launching the MBC platform developed by the Matrix AI Network. It will exist in the Matrix ecosystem as a sidechain and include a Payment Settlement System, Financial Service System, and Transaction Matching System. PetroChina Company Limited, China’s second-biggest oil producer, agreed to use the platform once it’s live.
Finally, Matrix announced a partnership with LITEX to enable interoperability with other public chains with the goal of enabling easier transfers between the MAN token and other currencies via atomic swaps. LITEX’s layer-2 technology is expected to enable Matrix AI Network to reach even greater system throughput speeds. “Faster speeds lead to lower transaction costs, shorter confirmation times and scalability – capable of supporting large commercial transactions,” explains Dr. Deng, Chief AI Scientist for Matrix AI Network.