Although countries around the world are having problems with cryptocurrencies, investors and coins in general, there are many who support the technology behind them. One of these is China, which is signing various patents related to the blockchain, constantly supporting the growth of technology.
The platform supported by PBoC or People & # 39; s Bank of China Guangdong-Hong Kong-Macao Great Bay Area Trade Fi -nance Blockchain Platform will collide with various financial and transaction-related problems that the micro and medium-sized companies face.
"China has started to crack down on assets using virtual currencies, but blockchain is a fairly advanced technology that has been adopted by many countries, so China will not be left behind," Li Chao, a consultant analyst at Beijing iResearch , he told the Global Times on Wednesday 1965,900. "Blockchain technology could also ensure a more efficient and secure information sharing system, and it is expected to reduce funding costs for small and medium-sized businesses," Li said.
Turning to the report, on standards it takes up to two weeks to cancel a round of commercial funding, however using the revolutionary blockchain technology could be done in about 20 minutes. At the same time the costs will be drastically reduced as described by the Vice-President of the Ping an Bank Transaction Division:
"Previously, the costs of commercial financing for micro and medium enterprises were between 7% and 8% but the blockchain system could reduce the cost to less than 6%. "
Bearing in mind how expensive a change in an established system can be, Li said it could be introduced for the first time for users of the Bay Greater.