While others are running, China is already flying: Blockchain Financial Platforms confirmed
While the other countries are still in the "we are going to study the Blockchain technology" and "let's test to know their potential" stage, China is designing platforms and projects to apply them this year, given that its preparation time has already happened quickly. last year.
This year they begin with force announcing a platform based on Blockchain to be applied in national banks, increasing their efficiency.
On previous occasions we have exposed the progress of this territory in the area, reflecting how it has solidified its position as one of the greatest representatives of technology. With the preparations already made, it is time to transform the potential into power.
China's self-regulatory banking organization, the China Banking Association (CBA), announced its design of a Blockchain platform for the entire sector.
The project, formally called "Block Chain Platform of Interbank Trade and Exchange of China", aims to use Blockchain to address the financing of trade, transactions and other financial services.
The first banks to apply this technology will be the national titans of HSBC, Bank of China and Ping An Bank, being 3 of the 10 largest banks in the territory. These share the quality that thousands, capable of millions of transactions across the territory, make, for which they require maximum efficiency.
"The establishment of this interbank platform can be described as extraordinary, opening up barriers between different banks and realizing the exchange of information," said HSBC China vice president and head of industrial and commercial finance, Fang Xiao, to the local Chinese news service. News, adding:
"The use of Blockchain technology to promote the reform of commercial financing has become a global trend. The commercial pilots of the chain of blocks abroad of the HSBC Group show that the chain of blocks is used to improve the efficiency, safety and scale of trade ".
The technical support for the interbank project will come from Chinese entities that include the start of the PeerSafe application, which is also a participant of the Hyperledger consortium. Among the sponsors for the construction of the platform is the Development Bank of the United Nations, as well as several of the ten banks aligned as evaluators.
It is announced that by 2019 the three aforementioned banks will have the application in operation and, if everything happens in a planned manner, they will be expanded to other banks this year, considering some smaller ones as prospects.