China continues to implement blockchain technologies at the state level and creates a new financial and trading platform with the support of the country’s central bank.
The People’s Bank of China (PBOC) recently launched a blockchain test called Guangdong-Hong Kong-Macao Great Bay Area Trade Finance in Shenzhen, Guangdong Province.
Li Chao, a financial analyst from the Beijing blockchain company iResearch, explains that it usually takes two weeks to complete a traditional round of funding. With the help of blockchain, the process will take about 20 minutes. This is a fairly sharp reduction in time, which, in turn, will affect the cost reduction.
Recall that last week the Chinese government agency responsible for social services announced plans to implement blockchain technology to modernize the current system of tracking charitable activities in order to improve transparency in the field of public donations.