China obtains USD 4.7 million to finance blockchain platform
The money will be administered for three years and has been designated for research and development projects
The People’s Bank of China (PBoC) has obtained USD 4.7 million for its blockchain trade transaction financing platform and according to information disseminated in local media the financing, that will be administered for three years, has been designated for research and development projects.
The project initially revealed by PBoC in Shenzhen during September 2018, is focused on facilitating transfers and create an inviolable accounting book for the secure exchange of information between companies and government departments.
According to the Chinese media Xinhua, the platform has demonstrated different advantages. One of them is to reduce the processing time of trade transaction financing from about 10 days to only 20 minutes.
The same applies to the costs incurred by the executed business financing, which has also benefited from a reduction of approximately 6%.
The alternatives provided by the blockchain platform have expanded in China for an increasing number in recent months. On March 2, Beijing launched a blockchain-based electronic billing system for car parking lots.
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