China makes further progress in applying Blockchain technology

China continues its progress in the industry of Blockchain and crypto coins. On this occasion we will talk about the pilot program developed in Hainan province, on cross-border financial services using Blockchain technology.

This news was announced just one day ago, through Hainan Daily. This local newspaper reported that it is an initiative supported by the central government, in the interest of reducing bureaucracy in the customs process. It also speeds up the work of exporters when applying for loans.

All this follows the news of the official digital crypto-currency of the Central Bank of China that is currently being developed. This will be based on the Renminbi or Yuan.

China will bet on the Blockchain to recover its growth

How will this new project in China with Blockchain be carried out?
The project based on the Blockchain technology will be under the direction of the Hainan branch of the Foreign Exchange Office. This is because the local office of the Bank of China is testing the usefulness of this

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platform to successfully send money from Hainan.

In the report it has been said that this pilot program will select two banks to conduct business through the Blockchain-based platform. It was also said that the first export account was successfully traded through the system.

Blockchain technology is becoming increasingly popular in China, now in Hainan province.
Blockchain technology is becoming more and more popular in China, now in Hainan province.

What are the advantages of this alternative?

First of all, there is a reduction of time and costs in the export process. Additionally, with the use of Blockchain for data handling the risk of manipulation of process transparency is reduced, especially in the customs declaration processes.

In the end what is sought with all this is to increase efficiency while reducing bureaucracy. Here it should be stressed that this is the pilot project, and if it proves to be successful the idea is to replicate it in other places in China.

However, this does not mean that the rest of China is not getting into the use of Blockchain technology as we write this. Another example is taking place in Qindao, where a platform based on Blockchain allows for cross-border business in North America and part of Asia.

If projects like this one continue, China could easily become one of the countries with more Blockchain technology projects „in the oven“.

And what do you think about this, do you think these are worthwhile initiatives, or do you know of any that are taking place closer to our latitudes?