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China advances Blockchain applications

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China continues its advancement in the Blockchain and cryptocurrency industry. This time we will talk about the pilot program developed in the Hainan province, about cross-border financial services using Blockchain technology.

This news was announced just a day ago, through Hainan Daily. This local newspaper reported that it is an initiative supported by the central government, in order to reduce the bureaucracy of customs processes. It also streamlines the work of exporters when applying for loans.

All this follows the news of the official digital cryptocurrency from the Central Bank of China that is being developed right now. This will be based on the Renminbi or yuan.

How will this new China project with Blockchain be carried out?

The Blockchain technology-based project will be under the direction of the Hainan branch of the Currency Exchange Bureau. This is because the local Bank of China office is testing the usefulness of this Blockchain platform to successfully send money from Hainan.

In the report it has been said that this pilot program will select two banks to carry out business through the Blockchain-based platform. Furthermore, it was said that the first export account was successfully traded through the system.

Blockchain technology is becoming increasingly popular in China, now in Hainan province.
Blockchain technology is becoming increasingly popular in China, now in Hainan province.

What advantages does this alternative offer?

First, they highlight the reduction of time and expenses in the export process. Additionally, with the use of Blockchain for data management, the risk of manipulating the transparency of the process is decreased, especially in customs declaration processes.

In the end, what is sought with all this is to increase efficiency while reducing bureaucracy. Here it should be underlined that this is the pilot project, and that if it proves to be successful the idea is to replicate it elsewhere in China.

However, the above does not imply that the rest of China is not getting into the use of Blockchain technology as we write this. Another example is the one taking place in Qindao, where a Blockchain-based platform enables cross-border business to be done in North America and part of Asia.

If projects like this continue, China could easily become one of the countries with the most Blockchain technology projects “in the oven”.

And what do you think about it? Do you find initiatives worthwhile? Or do you know of any that are taking place closer to our latitudes?



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