Chinese banks used blockchain to process $ 460 million trading operations

More than 20 banks in the Chinese city of Chongqing have used a blockchain-based trade finance platform to$ 56 million in processing foreign trade operations. In total, transactions for $ 460 million were processed in a year.

According to the local publication Chongqing Daily, over the year of testing the platform, export trade was funded for a total of $ 460 million.

The blockchain platform allows interested parties to automatically check accounts receivable, tax documents and credit information, which simplifies the paperwork process.

Chongqing Cross-Border Business Firmused the platform to complete the transaction related to the payment of medical goods. Another local technology company successfully received $ 153 million in loans from China Construction Bank through the platform.

Blockchain is increasingly used for tradingfinancing. In autumn, Japan’s third largest bank, Sumitomo Mitsui Banking Corporation (SMBC), began using the Marco Polo blockchain platform for trade finance.

In October, it was reported that South Korea will transferblockchain trade finance by 2021. In addition, according to a study by the World Economic Forum (WEF), blockchain could increase trade finance by $ 1 trillion.

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