One of the strongest economies China is embracing blockchain technology with all the best possible ways. There are several blockchain startups grooming to become big multinational firms that have a complete support from the government in flourishing their business. Blockchain has been favored by the several influential politicians and business leaders of China because of which there is a lot of confidence for this ledger form. The unique features of blockchain have proved to be very successful in the banking, insurance and finance domain.
For instance, the renowned Chinese insurance giant Ping An has launce dots blockchain powered platform dubbed as eTradeConnect blockchain. The specialty of this system is that it leverages banks to gain complete control towards the customer based services aka improving relationships. The blockchain is known for enhancing operations, security and immutability along with huge data/info storage capacity. All these factors are directly proportional to the banking or finance related business verticals.
The platform of eTradeConnect is going to deal with 12 major banks of China which include Standard Chartered, HSBC, Bank of East Asia, BNP Paribas in Hong Kong and all the branches of state-owned banks based at Hong Kong. The main objective of this blockchain technology platform is to improvise the competence in the trade finance market focusing majorly on mid and small-size enterprises while preventing scams and frauds side by side, as mentioned by CoinDesk.
China, Banks, Economy And Blockchain
Such blockchain based platforms not just make a transformation change in the operational system of banks and financial institutions but also generate a good wavelength in the international market in attracting blockchain business to China.
According to CNBC, big Chinese e-commerce firms like Alibaba, Baide and Tencent have begun working and investing in the blockchain. This looks like a strategic step in order to create a blockchain technology capital of the world which will be based in China in the upcoming years.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]