The China Banking Association (CBA) has revealed plans to launch a blockchain-based platform for improving efficiency of the sector. Multiple banks, including such big names as HSBC, Ping An Bank, Bank of China have signed up to pilot the platform.
A working version of the project, dubbed the “China Trade Finance Inter-bank Trading Blockchain Platform,” should appear in 2019.
“The use of blockchain technology to promote trade finance reform has become a global trend. The HSBC Group’s overseas blockchain trade pilots show that the blockchain is used to improve the efficiency, safety and scale of trade,” Fang Xiao, HSBC China vice president and head of industrial and commercial finance told.
Among the sponsors for the platform’s construction is the United Nations Development Bank, as well as several of the ten banks lined up as testers. Technical support for the inter-bank project will come from Chinese entities including application startup PeerSafe.