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The Chinese self-regulating banking organization China Banking Association (CBA) will launch a blockchain-based platform to improve efficiency across the industry, participants confirmed in a statement on December 29th.
The project, which has been dubbed "Trade Interbank Blockchain Platform of China Trade Finance", aims to use the blockchain to finance trade, transactions and other financial services.
More piglets from India have signed up to pilot the platform, including names known as HSBC, Bank of China and Ping An Bank.
"The creation of this interbank platform can be described as extraordinary, opening up barriers between different banks and creating information exchange," said HSBC China vice president and head of Fang Xiao's industrial and commercial finance at China News, adding:
"The use of blockchain technology to promote commercial finance reform has become a global trend.The commercial pilots of the HSBC Group's blockchain overseas show that the blockchain is used to improve efficiency, security and size. of trade. "
China continues to anticipate its use at the state level of blockchain in an attempt to exploit the advantages that technology has shown to provide in its short history.
Technical support for the interbank project will be provided by Chinese entities including the launch of the PeerSafe application, which is also a participant in the Hyperledger consortium.
Among the sponsors of the construction of the platform is the United Nations Development Bank, as well as several ten banks aligned as testers.
A working version should appear in 2019, the statement states, adding that it would implement expansion plans once it ran smoothly. These, he says, will include the attraction of smaller banks, as well as increasing the scope of applications to include, among others, tax and customs institutions.
As recently reported by Cointelegraph, Saudi Arabia, Canada and others are currently examining blockchain implementations for areas such as customs and trade finance.
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