The People's Bank of China (PBoC) officially launched the testing phase of a blockchain commercial finance platform, the local newspaper Shanghai Securities News reported on September 4.
The Shenzhen central branch of the People's Bank of China, the central bank of the People's Republic of China, has entered the testing phase of the so-called "Baychain Trade Finance Blockchain platform"
. The platform is aimed at conducting commercial and financial activities, such as loans and commercial financing. At the same time, the platform provides a regulatory system for commercial finance to enable real-time monitoring of various financial assets.
According to Shanghai Securities News, the platform intends to create an "open commercial and financial ecosystem based on Guangdong", Hong Kong and Macau Bay Area. "Organizations involved in the platform include Bank of China, China Construction Bank, China Merchants Bank, Ping An Bank, Standard Chartered Bank and BYD Co., Ltd.
The report states that the platform can" help banks to # 39; audit of business authenticity [s] reduce business costs, improve company efficiency, [and] prevent and control business risks, as well as assist regulators and strengthen information sharing between departments.  At the beginning of August, the Chinese insurance, banking and financial services giant Ping An Insurance published a "White Paper on Smart Cities", supporting blockchain, artificial intelligence, big data and the cloud computing tec technological development, promoting the creation of a "smart city"
In July, the Ministry of Science and Technology of China announced that China would lead a research group international standardization of the Internet of Things (IoT) and blockchain technology, as reported by Cointelegraph on 18 July.