Blockchain platform for trade financing

2020: Start of development of a blockchain platform for trade financing from 5 large banks of the People's Republic of China

At the beginning of September, 2020 it became known that five banks China create the largest blockchain- the platform for interbank transactions in the field of trade financing. For product development credit institutions integrated page Chinese bankers association (CBA).

The national banks participating in the project include Industrial and China Merchants Bank, Agricultural Bank of China, Bank of China, Construction Bank of China and Bank of communications. All of them work with the Central People's Bank of China over pilot CBDC the "digital yuan" project. Many from above-mentioned also work as bank on own blockchain platforms and also on solutions of the regional level.

Five largest Banks of China create a blockchain platform for trade is financed

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Development of the general blockchain platform for trade financing was offered by the Chinese regulators in May, 2020. Experts of the People's Bank of China, Banking regulatory commission, the Commission on regulation of securities and Department of currency transactions became authors of the original project.

Authors submitted the offers how in the best way to finance large state projects. According to them, development and deployment of more perfect financial technologies should become a priority in this industry, and China should create the platform of trade financing on the basis of a blockchain at respect for all precepts of law.

It is supposed that the decentralized infrastructure will eliminate need of intervention of the third party at exchange of trade information between participants and will help banks to communicate safely, concerning cross-border commercial transactions. Regulators also suggested to use AI technologies and "Big Data" for risk reduction.^[1]

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