Chinese Banks Use Blockchain Platform to Process Millions in Foreign TradeOver 20 banks in Chongqing China have used a trade finance platform powered by blockchain to process over $56 million in foreign trade transactions. It has completed a total $460 million in export trade financing after a year-long pilot program, according to Chongqing Daily’s March 11 report.
The blockchain platform reportedly allows stakeholders to verify export receivables, tax documents and credit information automatically, which reduces labor-intensive processes and red tape.
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