More than 20 banks located in the Chongqing region of China has reportedly utilized a blockchain-based trade finance tool, to finalize the operation for over $56 million equivalent of foreign trade transactions.
Specifically, the blockchain-powered trading finance platform has been successful in processing $460 million in export trade financing, following the pilot phase that lasted for the past 12 months.
The blockchain platform reportedly offers stakeholders export receivables, tax documents and credit information verification features, in an automated manner, which partly eliminates labor-intensive processes and red tape.
Chinese lawmakers looks to use the features of distributed ledger technology as a viable tool for financial data digitization, as well as for secured and instant sharing.
A cross-border commerce company also headquartered in Chongqing has reportedly finalized a transaction for surgical masks using the blockchain platform.
A local tech firm has also been the receiver of $153 million worth of loans, initiated by the China Construction Bank using the platform, during the outbreak.