The CBA states the technology also serves to "create an important foundation for a new trade finance ecosystem and improve the efficiency of financial services."
Blockchain platform was already successfully tested by the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, China Construction Bank, Communication Bank, China Merchants Bank (CMB), HSBC, and many more. Two pilot projects for issuing letters of credit and asset-backed securities were also completed by ICBC and CMB.
Vice President of HSBC China, Fang Xiao, claims the use of blockchain technology to promote trade finance reform has become "a global trend."
"The HSBC Group's overseas blockchain trade pilots show that the blockchain is used to improve the efficiency, safety, and scale of trade," he said.
Chinese fintech companies, such as Peer startup PeerSafe in Beijing, provide technical support to this enterprise. The CBA said that in the future other banks will join it, as well as customs and tax authorities.
Earlier, Chinese Internet Court in Hangzhou has begun to use blockchain tech to protect online writers' copyright.
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