Cosmos Group Holdings and Smart Citi Teknologi partner to push blockchain smart city initiatives

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Blockchain company Cosmos Group Holdings and Philippines-based tech company Smart Citi Teknologi have teamed up for a strategic partnership to use Cosmos' knowledge of Art & Cultural Digital Ownership Tokens (DOTs) to accelerate Smart Citi Teknologi's transition to the field of smart city solutions.

Smart Citi Teknologi has long been working on developing smart city solutions. The company offers a wide variety of services that facilitate the growth of inclusive, sustainable, and smart cities. Leveraging on Cosmos’s expertise in DOTs, Cosmos Group Holdings will provide Smart Citi Teknologi with services related to the creation of Art & Cultural DOTs for all tangible and intangible assets, which Smart Citi Teknologi will use solely for its Smart Cities Solutions. In order to develop a new services for their markets, the parties will also contribute their individual patented technologies.

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Cosmos Group in particular specialises in Art & Cultural DOTs, specifically non-fungible tokens created by utilising distributed ledger technologies and non-fungible tokens ("NFT") technology with a unique identifier to reflect digital ownership titles to a tangible or an intangible asset. They do this by embedding legally binding ownership documentation into the metadata of the DOT and securing such metadata on a blockchain.

The company differentiates itself from other market players by using DOTs that address rights and the title of ownership to a physical art or collectible piece that is underpinned by smart contracts stored on the blockchain. This advanced technology provides a better tool for authentication and ownership tracking of the arts and collectibles.

According to a statement made by Cosmos Group in 2022, the company announced the broadened use of DOTs to include pictures, sculptures, paintings, and a variety of collectibles created by a variety of artists in various places.

"We are excited to partner with Smart Citi Teknologi to bring the benefits of Art & Cultural DOTs to Smart Cities Solutions," said Terry Lee, chief executive officer of Coinllectibles, a wholly owned subsidiary of Cosmos Group Holdings. "This partnership will enable us to expand our reach into new markets and provide our unique and innovative art and blockchain services and solutions to Smart Citi Teknologi," he added.

Commenting on the partnership, Mario Marcos, president and founder of Smart Citi Teknologi, added, "Our goal is to develop Smart Cities Solutions that will improve the quality of life of citizens. The partnership with Cosmos Group Holdings allows us to leverage their expertise in Art & Cultural DOTs to provide comprehensive and efficient solutions to our smart cities markets, while also enabling us to contribute to the promotion and preservation of art and culture."

As an initiative to further expand its reach to other sectors and raise awareness of DOTs, Cosmos Group also partnered with Apollo Arts Auctions back in January to present 5 ancient art pieces with DOTs. During the same month, the company joined forces with ART SG, one of Singapore’s inaugural art fair, to showcase more than 20 traditional and digital artworks, including its 3D autostereoscopic tablets which contained a digital ownership token of a specified artwork alongside the original prints from the artists.

Meanwhile, Smart Citi Teknologi’s continuous effort in exploring Smart Cities Solutions started a while ago. The company joined hands with China Information Technology Development Limited (CITD) back in April to develop mutually beneficial Smart Cities Solutions for the Asia Pacific region. Throughout the collaboration, CITD will give Smart Citi Teknologi access to its cutting-edge artificial intelligence (AI) and software solutions, enabling the creation of ground-breaking Smart Cities Solutions for regulating harsh weather, pedestrian traffic, and public transportation.

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