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The blockchain can solve financial problems according to the People's Bank of China

The People's Bank of China has released a statement stating that: the use of technology, such as blockchain, allows you to solve some problems in the financial field such as those related to commercial authentication. 

According to the report released by the headquarters of the People's Bank of China in Shanghai, the blockchain can be considered a solution to address several crucial points in the financial field.

Going into detail, it is the use of blockchain technology in order to solve the problems of asymmetric information in the field of commercial finance, and for problems that are related to the provision of evidence to authenticate trade-related transactions.

The PBoC clarified in its statement that through the blockchain It is possible to reduce the risks that exist in the field of financing for financial institutions and at the same time costs can be reduced both in the import sector and in export.

The Chinese Central Bank, however, is not the only national banking institution, which is interested in the use of blockchain technology. In fact, according to another report that reports the impressions of various leading national banks, various blockchain features have been released precisely because of its advantages in financial terms.

The bank that issued a similar report is the branch of the PCoC of Shanghai and Industrial and Commercial Bank of China, and finally the Construction Bank Bank of Communication and the Agricultural Bank. 

All of these are in between the main banks of the China, moreover ICB is also one of the largest companies in the world in the field of Forbes Global 2000.

In every thing, the blockchain platform used in the Chinese banking sector, it can be managed from the city's port office and allows you to combine various commercial services in one place. Not only that, this platform is also open to various companies that can use it for: cross-border financing, traceability of medical supplies, integration supervision of third party trade e the customs one. 

Finally, the released report reports that the Shanghai Electronic Port Blockchain Alliance, with the aim of applying the blockchain to improve interoperability and customs. A situation that is ready to become more and more one guideline in the financial field in the country. 

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Silvia Faenza

Graduated in Political Science and International Relations at the University of Salento, in the 2014. From 2015 he is in charge of content management for online companies and publishing agencies, mainly as a ghostwriter, copywriter and web editor.

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