ccording to participants in China’s self-regulatory banking organization, the China Banking Association (CBA) will soon launch a blockchain-based platform to improve efficiency across the sector.
The project, “China’s Trade Finance and Interbank Trade Blockchain Platform” as it was called by its creators, aims primarily to use the blockchain to target trade finance, transactions and other financial services.
The vice president and head of industrial and commercial finance of HSBC China, Fang Xiao said that “The establishment of this interbank platform can be described as extraordinary, opening barriers between different banks and realizing the exchange of information,” adding later:
“The use of blockchain technology to promote trade finance reform has become a global trend. The HSBC Group’s commercial pilots of blockchain abroad show that it is used to improve the efficiency, security and scale of trade.
As part of a strategic plan China made great strides in its use of blockchain by the state in an attempt to capitalize on the benefits that technology in the financial sector has proven to provide in its recent history.
For the execution of this interbank project Technical support will be provided by Chinese entities including the PeerSafe application start-up, which is also a participant in the Hyperledger consortium.
This project of the Asian giant will have sponsors for the construction of the platform among which is the United Nations Development Bank, in the same way will be related to the project the ten banks aligned as testers.
After several tests of the platform is mat A functional version which should appear in the same year (2019), adding that the expansion plans would be executed once it works as planned.
Other countries that hope to join the blockchain technology, as is the case of Saudi Arabia, Canada and others that are currently examining blockchain implementations
This advance on the part of the Chinese bank is accompanied by declarations from other countries that hope to join the blockchain technology, as is the case of Saudi Arabia, Canada and others that are currently examining blockchain implementations for areas such as customs and trade finance.