Recon Technology to Create Blockchain Mobile Shopping System, Stock Jumps 96%

Last Tuesday, East Kodak Company (NYSE:KODK) disclosed that it would be joining the blockchain industry by creating what they have deemed a ‘KODAKCoin’, which is a crypto coin that photographs can receive as income.

Today, China-based Recon Technology (NASDAQ:RCON) disclosed that it had officially signed a joint development term sheet with Beijing-based Future Gas Station that lasts two years. It was already announced that Recon Technology owns 8% of Future Gas Station, and with the new term sheet signed, the two companies plan on creating a combined mobile shopping system that is entirely blockchain-based. The system will be used in gas stations only.

After the announcement was made, Recon Technology shares surged, currently trading at $3.35, making the RCON stock up $1.64, or 96.48%. This makes it one of the tickers of the day, and the markets don’t close for another 3 hours. My guess is is that the stock is going to keep climbing in the next couple of hours, and if it does, I’m sure investors and shareholders will be going into the weekend with a smile.

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This isn’t the first Chinese company to migrate into the world of all that is blockchain. On January 4, ChinaNet Online Holdings (NASDAQ:CNET) announced that it would be moving into the blockchain industry, which then caused the stock to jump almost 300%.

So, how it’s going to work? That we don’t know for sure yet, but we do that Recon Technology will be in charge of providing things like risk management advice, funds, and, if needed, supporting personal advice.

It seems most of the world is either on the Bitcoin or the blockchain train; but who will get to the station first? Some say Bitcoin might be a speculative bubble – it’s been experiencing big losses lately, but traded above $14,200 yesterday – and that blockchain technology will one day succeed the virtual currency.

Either way, Recon Technology is excited to take this latest project on. CEO Yin Shenping announced his excitement, stating that he is glad to further the company’s cooperation with Future Gas Station Company and that he is looking forward to exploring “the effective use of blockchain technology” in its business.

He went on to say that Recon Technology is looking forward to all of the opportunities that blockchain provides the company with, stating that it will allow the provider of specialized oilfield  equipment to “adapt to consumer behaviors,” and “better meet their needs,” as well as “improve efficiency and profitability” in its stores.

Featured Image: twitter

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