Chinese Banks to Utilize Blockchain Technology After One Year Pilot
Twenty banks in Chongqing China have begun utilizing blockchain technology, processing over $460 million in export trade financing after a year-long pilot program.
The blockchain-powered platform reduces labor-intensive processes by allowing stakeholders to verify the data, and credit information automatically.
According to local news outlet Chongqing Daily, the new platform was utilized during a cross-border transaction to complete a surgical mask-related transaction, playing a key role during the recent COVID-19 outbreak.
A technology company in Chongqing successfully received $153 million in loans from China Construction Bank through the platform.
Earlier this month, China’s central bank secured $4.7 million in funding for its blockchain-powered finance platform for research and development.