NBK Blockchain Platform Gets $ 4.7 Million Extra

The NBK blockchain platform for financing trade operations received an additional $4.7 million, which will goto fund key research over the next three years.

The first information about the project appeared in September2018 year. Thanks to the use of blockchain technology, there is no way to change the information provided by enterprises that banks can transfer to other interested institutions. Since the launch of the project, the number of participants has been steadily growing. In mid-January, it was about 44 banks and 1898 companies, as well as processed transactions totaling more than 90 billion yuan.

According to a number of experts, the People’s platformBank of China is supported by the authorities and is the highest level blockchain initiative in the country. It is believed that with its help, small and medium-sized businesses will be able to get more free access to financial instruments during the COVID-19 coronavirus epidemic. Among other things, accelerating the development of the platform will favorably affect interbank transactions, since information can be transmitted through a publicly distributed register.

According to representatives of the People’s Bank of China,significant progress is now being observed - the processing time for such operations was reduced from 10 days to 20 minutes, and corporate finance costs fell below 6% of the initial values.

The platform is being developed by the experimental research unit of the People’s Bank of China in the field of digital currencies, the Chinese Academy of Sciences, the largest educational institutions and banks of the country.

In October last year, President Xi Jinping of China announced the prospects for using blockchain technology and its significance for the Chinese economy.

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