China continues blockchain expansion with trade finance

The Chinese authorities intend to contribute a little more to the development of the blockchain in the country and thus impose itself on this technology. The central bank is now proposing the creation of a trade finance platform.

Artificial intelligence is a technological battleground for superpowers. The blockchain is also set to become one. This is the bet made by Chinese President Xi Jinping, for whom the blockchain is " at the heart of innovation "

To accelerate its development in China, the public authorities are directly committed to its adoption. Several state bodies have recently taken a stand in favor of creating a blockchain platform for trade finance.

Digital and decentralization for the Grande Baie

In an official document, signed by several financial regulators, but also by the central bank, the Chinese authorities call for financing the construction of an important commercial crossroads: Great Bay of Guangdong-Hong Kong-Macao.

The challenge is that of international trade and global competition. Today, three bays dominate, says PwC: New York, San Francisco and Tokyo. For China, it is therefore a question of imposing themselves a little more at the global level. And the blockchain could contribute to it.

Its four authorities therefore recommend the creation of a blockchain-based trade finance information service platform. According to them, such an application would promote the secure sharing by banks of data from cross-border trade players.

Trade finance is indeed a market which lends itself ideally to decentralization. International trade and its financing involve many actors. It is also "very little digitalized", as remember komgo, a trade finance blockchain platform.

Technology at the service of international trade

By contributing to the creation of a blockchain service for data sharing, China hopes to accelerate the development of trade in its area of ​​influence, the Great Bay of Guangdong-Hong Kong-Macao.

Blockchain is not the only technology promoted by China in this project, however. These agencies also highlight artificial intelligence and big data for marketing, risk prevention and financial supervision purposes.

As recalled Cointelegraph, China has been multiplying initiatives in the blockchain sector in recent months. In April, a province in the country set up a blockchain platform for the provision of government services. It thus issues certificates and licenses in electronic form.

Digital now allows the United States to dominate the technological ecosystem and establish its economic power. The Chinese authorities are aware of this. They have thus favored the emergence of their own digital giants, such as Alibaba, Baidu and Tencent.

Blockchain can help strengthen these players and give birth to new digital unicorns. A few weeks earlier, China has also set up a dedicated working group. Chinese tech giants are taking part in it. Their priority: common standards.