The People's Bank of China intends to implement a project to create a blockchain trading platform for companies and financial institutions in the country. To this end, the finregulator carries out the first BATFBP tests.
We are talking about the Bay Area Trade Finance Blockchain Platform, which can be used not only to exchange information, but also to monitor the situation in the stock and digital markets, the ChepiCap portal reported. Through this platform, companies will also be able to carry out transactions for mutual settlements and approve contracts for the supply of goods and services.
The main advantage of this blockchain platform will be the absence of intermediaries when concluding contracts. That is, partners will be able to directly contact counterparties and resolve business issues with them, which will reduce time and costs.
The platform will connect such business centers of China as Hong Kong, Macau and Guangdong. A giant ecosystem will be created, the users of which have already expressed a desire to become banks Bank of China, China Merchants Bank, Ping An Bank, China Construction Bank, Standard Chartered Bank and BYD.
The cities of Shanghai and Hong Kong have long shown interest in blockchain technologies and plan to become leaders in the implementation of intelligent platforms in business processes.
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