China Uses Blockchain to Help Business Outlive Coronavirus
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Feb. 15, 2020
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The Chinese authorities are actively trying with all their might to curb the spread of coronavirus and are using all possible means for this. Not surprisingly that one of the solutions to contain the raging epidemic turned out to be the blockchain technology.

Blockchain Firm Launches Platform to Fight Coronavirus

After the Lunar New Year, over 80 Chinese enterprises received loans worth more than $200 million through a blockchain-based cross-border financial platform, CNBDC reports citing a statement by Xuan Changneng, vice director of the State Administration of Foreign Exchange.

"(Due to the impact of the virus), the negative effects of previous pain points such as lack of trust in business, verification inefficiency, lack of information sharing and difficulty of timely supervision have been further amplified," said Chief Information Officer at Tencent-backed online lender WeBank Henry Ma.

Private enterprises of small businesses suffered most of all from the raging all over China coronavirus.

China Files Over 80 CBDC-focused Patents

Over the past couple of weeks, central and local governments have announced a focus on these enterprises as more than half of the growth of the national economy and employment based on these enterprises.

Earlier iHodl reported that China's stock markets dropped by 8% due to the coronavirus epidemic spread.

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