Chinese banks will use blockchain to improve commercial efficiency
The China Banking Association (CBA) assured that 10 financial institutions have already joined this new initiative
This Friday, the China Banking Association (CBA) announced that it will develop a platform based on blockhain technology aimed at improving banking efficiency.
An approximate of 10 banks, which include the HSBC (China), the Bank of China, China Merchants Bank, Ping An Bank, China Postal Savings Bank, among others, indicated that they will enter this initiative.
The technical support will be provided by the company PeerSafe, a startup based in Beijing that is responsible for work related to distributed accounting (DLT).
In the announcement, the CBA claimed to have completed two pilot tests to issue letters of credit (LoC), an asset-backed value, with the participation of the Industrial and Commercial Bank of China and the China Merchants Bank.
“The launch of this blockchain solution served to unite the commercial chain of different banks so that interbank transactions are much more real, faster and safer”, said the CBA statement.
K. Tovar
Source: Coincrispy
Receive this and all our information directly on your cell phone through our channel on Telegram:https://t.me/BitFinanceNews
