Taoping (NASDAQ:TAOP) achieved a record high user milestone with its smart elevator program in Tianjin.
The program focuses on smart elevator modernization and maintenance and covers over 8,000 elevators, which is an estimated 7 per cent local market share in Tianjin, including residential, office and government buildings.
“Simply put, workers don’t want to set foot in an old elevator that scares them with its slow speed and antiquity. The current generation lives on mobile phones and expects the same comfortable, environmentally friendly experience whether in an elevator, plane or car. This represents a significant opportunity for Taoping to leverage our expertise and partner relationships to drive profitable revenue growth. We believe the relationships we have established over the years in building our digital advertising business give us a competitive advantage. We know the properties and site managers. As a trusted partner, our customers are very happy to expand their relationships with us, making this an ideal greenfield opportunity for us to accelerate our growth and build shareholder value,” said Jianghuai.
Essentially Taoping is a blockchain technology and smart cloud services provider dedicated to research and application of blockchain technology and digital assets. Taoping also provides solutions and cloud services to industries like the smart community, new media and artificial intelligence. That makes this a side product.
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Smart elevator and cloud computing
Taoping’s smart elevator program fuses software and hardware with its cloud platform for elevator and escalator maintenance. It uses internet of things and other technologies to accomplish this while monitoring and processing elevator operation status and data. The system also assists with repairs, necessary upgrades, and what preventive maintenance would look like. Why Tianjin? It’s part of a strategic cooperation agreement with Shenzhen Zhihui Yunti IoT.
“We are very pleased to see the breakthrough progress of our smart elevator program in Tianjin. We have quickly gained an estimated 7% local market share, which we believe can reach 10% to 15% over the coming years. With more and more offices requiring workers return to in-person work, we are seeing an acceleration in demand for smart elevator modernization and maintenance,” said Mr. Lin Jianghuai, chairman and CEO of Taoping.
The company will also use its success in Tianjin City to drive expansion throughout China.