BEIJING, May 10, 2022 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced that the Company's operating affiliate, Beijing BotAiot Intelligent Co., Ltd. ("BotAiot"), has signed a service contract with the Research Institute of the Highway Ministry of Transport (the "Highway Research Institute") whereby BotAiot will provide electronic blockchain data and certificate storage platform services to the Highway Research Institute to improve highway transport infrastructure and equipment calibration test efficiency and traffic flow rates.
BotAiot will build a blockchain-based electronic certificate consortium chain for the Highway Research Institute to store and encrypt data collected by online metering and calibration-testing equipment of commercial transportation vehicles originating from both highways and vehicles. BotAiot's electronic consortium chain will also provide consortium chain member management, intelligent contract development, certificate issuance, query, cancellation, management and other functions, as well as blockchain custody services. The total number of devices in the e-certificate alliance chain service exceeds six million units, which are expected to be completely covered in the next two years. BotAiot will charge a fixed service fee per unit per year.
The service system integrates cloud computing, artificial intelligence, multimedia live broadcast, Internet of Things, electronic fence, blockchain and other technologies to realize remote online data collection of road and vehicle-related metering equipment. Combined with artificial intelligence technologies, BotAiot's service system can automatically identify, label and test collected data, then store the data, testing reports and certificates on the blockchain, and issue an electronic certificate for the device. The system can improve the calibration test efficiency of transportation infrastructure and equipment by shortening the test cycle, thereby enhancing traffic safety and efficiency, and significantly reducing labor costs. The system will be applied to multiple scenarios involving calibration tests of metering equipment, including vehicle axle type identification equipment at national highway entrances and exits, vehicle size identification equipment, on-board equipment on long-distance buses, tourist buses, trucks, and hazardous materials transport vehicles, as well as highway bridges and tunnels condition inspection equipment.
Mr. Xuesong Song, Luokung's Chairman and CEO, stated, "We are pleased to announce the cooperation with the Highway Research Institute, a leader in integrating scientific research and industrial development related to highway transportation. Luokung has been actively promoting the application of blockchain technology in various fields of spatial-temporal big data. This contract marks the beginning of our commercial services in the field of highway transportation. Combining Luokung's blockchain and artificial intelligence technologies, we anticipate strengthening our relationships and expanding our scope of blockchain services with more enterprise and institutional partners that recognize Luokung's competitiveness in highway transportation."
Mr. Xueyu Lu, CEO of BotAiot added, "Blockchain and other distributed ledger technology services are fundamentally changing the service models of various industries, helping enterprises reconstruct and manage identity, data, brand, provenance, professional certification, copyright and other assets while improving the security of data management and the immutability of transaction authentication and records."
About Luokung Technology Corp.
Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and multi-sourced intelligent spatial-temporal big data, Luokung has established city-level and industry-level holographic spatial-temporal digital twin systems and actively serves industries including smart transportation (autonomous driving, smart highway and vehicle-road collaboration), natural resource asset management (carbon neutral and environmental protection remote sensing data service), and LBS smart industry applications (mobile Internet LBS, smart travel, smart logistics, new infrastructure, smart cities, emergency rescue, among others). The Company routinely provides important updates on its website: https://www.luokung.com.
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Mr. Jay Yu
Chief Financial Officer
Ms. Carolyne Sohn
The Equity Group Inc.
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Source: Luokung Technology Corp. Related Stocks: NASDAQ:LKCO