Company: ZDAN
Filing Date: 2025-07-28
Form Type: F-1/A
Source: 0001683168-25-005450
Chunk: 173

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-07-28
Form: F-1/A
Chunk 173
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 distributed network. International suppliers, including Hyperledger,
Corda, and Ripple, still dominate the distributed base equipment market. However, Chinese suppliers, represented by Changan Chain and
Huawei, also demonstrate potential in this field.

| 2. | Midstream: generic                        
 applications and technological extensions |

The midstream of the industrial chain primarily
comprises the generic applications and technological extensions of decentralized distributed technology, including Blockchain as a Service
(“BaaS”), solutions and application development components, digital identity, and data services. These mainly involve building
decentralized distributed foundational technology, which, when combined with traditional information technology (such as cloud computing),
creates an intermediate platform layer. This platform plays a bridging role by providing universal application services for distributed
technology or supports vertical industry applications downstream at the platform level.

In terms of solutions and application development
components, mature service providers exist abroad, such as IBM, Oracle, and Microsoft Azure. Domestic companies such as AntChain, Qulian
Technology, Tencent Cloud are also dedicated to creating universal solutions based on decentralized distributed technology. They also
focus on the environment for distributed development and integration tools, offering broad application scenarios.

Digital identity is a way of authenticating and
managing the identity of individuals or entities. It can be used in various scenarios, such as identity verification, authorization,
initiation of digital services, and digital wallets, serving as an essential infrastructure in the digital age. Decentralized distributed
technology is one of the core technologies digital identities rely on. It can effectively avoid single-point failures and data tampering,
thus ensuring safer and more independent identity verification and management. Key participants in this field include Civic, Digital
Bazaar, Evernym, WeBank, and ArcBlock.

Regarding data services, enterprises such as
Yunxiang Network, Zhongan Technology, Shuju Technology, JD Intelligent Chain and AntChain provide data based on decentralized distributed
technology. This includes data acquisition, analysis, processing, and management. As decentralized distributed technology continues to
evolve and application scenarios broaden, the demand for such services is also growing.

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| 3. | Downstream: application 
 development             |

The downstream of the industrial chain primarily
comprises various application extensions of decentralized distributed technology, which can be divided into three main categories: public
services, industry applications, and frontier applications. These primarily provide either generic service products or customized project
implementations according to customer needs, serving as the primary service providers that are closest to end