Chinese Banks to Utilize Blockchain Technology After One Year Pilot

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Twenty banks in Chongqing China have begun utilizing blockchain technology, processing over $460 million in export trade financing after a year-long pilot program.

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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.

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