A blockchain finance platform supported by the People’s Bank of China (PBoC) has executed nothing less than $75 billion worth of business within a space of 1+ year, NewsLogical can confirm.
Information extracted from Chinese new agency Xinhua affirms that the blockchain project aided by Chinese Central Bank has dealt with over 5,000 transactions in business across 30,000+ brands. A reporter of the news platform confirmed the information from PBoC Shenzhen Central Branch today, 31st of October.
The information was established after the Chinese central bank’s blockchain platform was placed on trail for more than a year. The platform, within the stated period, executed financial activities like cross-border remittance, multi-level financing in supply chain, international supervision of trade account and some other business operations.
As stated by the reporter, the PBoC-linked finance platform relies solely on blockchain for recording of core documents and key processes of trades. The project also uses blockchain to ensure trustworthy linking of trade partners.
Through the blockchain project, people can easily access accurate information, promote the speed of transaction with smart contract tool, and perform transactions at reduced cost.
Similarly, the project allows regulatory authorities to also perform cross-border supervision of the entire process of the trade to ensure compliance with regulations.
Statistics affirms that as of today, 29 banks in 485 outlets are already using the finance blockchain platform, and more than 10 banks are already accessing the platform.
Through the highly transparent technology, PB0C can seamlessly prevent accumulation and outbreak of financial risks on the internet and at the same time ensure financial stability and standardized market health.
The PB0C aims at increasing the number of banks and enterprise it works with via the blockchain based project, hence, it intends launching another project by mid-November. The project, as described, will execute transactions at discounted rate.
PBoC and the whole of China are working hard to become the hub of blockchain. The country said it was launching its digital currency ‘DCEP’ to be able to fight SWIFT and some other financial tools used by the U.S to torment other countries.