The Chinese Banking Association (CBA) has begun to use the interbank commercial and financial blockchain platform, designed to standardize and digitize information on interbank transactions.
The CBA says that technology also serves to "create an important base for a new commercial finance ecosystem and improve the efficiency of financial services".
The Blockchain platform has already been successfully tested by the Industrial and Commercial Bank of China (ICBC), the Chinese Agricultural Bank, the China Construction Bank, the Communication Bank, the China Merchants Bank (CMB), the HSBC and many others. ICBC and CMB have also completed two pilot projects for the issuance of letters of credit and asset-backed securities.
HSBC China Vice President Fang Xiao says the use of blockchain technology to promote commercial finance reform has become "a global trend".
"Commercial pilots of the HSBC Group's blockchain overseas show that blockchain is used to improve efficiency, security and scale of trade" He said.
The Chinese fintech companies, like PeerSafe in Beijing, provide technical support to this company. The CBA has said that other banks will participate in the future, as well as customs and tax authorities.
Previously, the Chinese Internet court in Hangzhou began using blockchain technology to protect the author's right to online writers.
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