Chinese City Tests Blockchain-Powered Cross-Border Financial Platform
Brian Njuguna Oct 31, 2019 03:00
Nanning, a Southern Chinese City, located in Guangxi Region, has experimented with a blockchain-enabled cross-border financial platform.
Nanning, a Southern Chinese City, located in Guangxi Region, has experimented with a blockchain-enabled cross-border financial platform. Notably, it joins several Chinese cities, such as Ningbo and Xiamen, seeking to revamp their economic systems using cross-border blockchain networks.
As reportedby the Global Times, Nanning’s blockchain service system seeks to refurbish the present trade financing procedure encountered by local firms. Some of the challenges faced include inadequate financing information and high verification processes.
Conversely, Li Zhen, the founder of CryptoYC, a blockchain incubator, noted that blockchain was considerably transforming China’s financial industry. For instance, it is being deployed in financial accounts keeping.
Li Zhen also stipulated:
"Distributed ledgers, backed by blockchain technologies, can make up for many shortcomings in traditional book-keeping. It will largely enhance the transparency of account management and increase the efficiency of the process."
China’s President Xi Jinping’s sentiments on the need to accelerate blockchain development in the nation might have instigated this approach by domestic cities, such as Nanning.
Xi acknowledged that the application of blockchain technology has extended to digital finance, the Internet of Things, intelligent manufacturing, supply chain management, digital asset trading, and other fields. He also stressed the importance of boosting blockchain research, as this would expand its initial capabilities. As a result, China will be at the forefront of the blockchain spectrum.
Image via Shutterstock
Image source: Shutterstock
