Trading platform powered by blockchain and lead by People Bank of China(PBoC), mainland’s central bank has now entered the testing phase in the light of it’s official release.
As per the official report from 21st Century Business Herald, first phase of the project named as Bay Area Trade Finance blockchain platform has been deployed across the city of Shenzhen in financial institutions for undergoing through final trials.
Notedly, the bay area is a huge economic development zone in China, consisting of multiple cities along Pearl River and regions of Hong Kong and Macau.
This particular project was a plan pushed by both PBoC’s Digital Currency Research Lab and its Shenzhen branch.
Also in the development of the project, major commercial banks in China too pitched in to propel the development. Some of the assisting participants were Bank of China, the Bank of Communications, China Merchants Bank, Ping’An Bank and Standard Chartered.
The trade finance platform is build to enhance the efficiency of interbank transactions and to assist small and medium sized business in accessing a much more enhanced range of financing tools, the sharing of data would be easy in a distributed network.