China is extensively utilizing blockchain technology to explore more opportunities. On March 11, Changqing Daily’s reported that several banks in the state of Changqing are using a blockchain-based platform to handle export transactions worth more than $50 million.
The participating banks assert that the platform reduces transaction verification time. Chinese officials can easily track the authenticity of the documents, account details, tax papers, and export documents. As the entire process becomes digitized, documents can be safely transferred to different departments.
During the Politburo Committee session, on Oct. 24, Chinese President Xi Jinping said:
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
Blockchain Usage Surges During Coronavirus Pandemic
Various firms in China have utilized blockchain technology to streamline digitization efforts during the Coronavirus breakout as employees have been forced to remain at home and digitization has been the only means to keep companies operational. Leading the way is the Construction Bank of China which utilized blockchain technology to transfer loans of $150+ million to local companies.
Moreover, The central government of China has approved the funding of $4.7 million to the People’s Bank of China (PBoC) to design a trading platform based on blockchain technology. The project aims to transfer unalterable and secure data about businesses to government departments.
While so far Coronavirus has caused severe damage to cryptocurrencies, blockchain technology itself has seen growth in adoption.