China is moving forward with plans for blockchain development. China’s apex bank, the People’s Bank of China (PBoC) will be receiving a total of $4.7 million from the Chinese government. The funding is geared at the research and development of its blockchain trade finance platform.
According to reports, the funding will be spread over three years and will go into in-depth research and development on various facets of the blockchain project.
The blockchain platform was created to ensure that data and information to be shared between the government and businesses, would be easily done. Via blockchain, the transfers will be immutable and completely transparent.
It was first announced in September 2018 and a report specified that by December 2019, the platform had seen 87 billion yuan (roughly $12.4 billion). At the time, 38 banks were on board.
Further information confirms the speed of the platform. Trade finance processing is now a lot faster, crashing to about 20 minutes from the 10 days it used to take. It is also about 6% cheaper to execute.
In December last year, Kryptomoney reported that the PBoC signed a Memorandum of Understanding (MoU) with the Hong Kong Monetary Authority (HKMA). The two bodies planned to create a proof-of-concept platform to facilitate trade finance.
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