China continues its progress in the industry of Blockchain and the cryptocurrencies. On this occasion we will talk about the pilot program developed in the province of Hainan, on cross-border financial services using technology Blockchain. This news was announced just a few days ago, by Hainan Daily. This local newspaper reported that it is an initiative supported by the central government, in the interests of reducing bureaucracy in customs procedures. It also streamlines the work of the exporters at the time of applying for loans. All this follows news of the criptomoneda digital official of the Central Bank of China which is developing in these moments. This will be based on the Renminbi or yuan.
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How will this new project of China with Blockchain?
The project based on the technology Blockchain will be under the direction of the branch of Hainan of the Exchange Office. This is due to the local office of the Bank of China is testing the utility of this platform Blockchain 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 platform based on Blockchain. Also, it was said that the first account of export were successfully negotiated through the system. The technology Blockchain is becoming more and more popular in China, now in the province of Hainan.
What are the advantages of this alternative?
In the first place, they emphasize the reduction of time and costs in the export process. In addition, with the use of the Blockchain for data management reduces the risk of manipulation of the transparency of the process, especially in the process of customs declaration. At the end what were looking for with all of this is to increase the efficiency while decreasing the bureaucracy. Here it should be stressed that this is the pilot project, and that if it proves successful the idea is to replicate it in other places of China. However, the above does not imply that the rest of China is not embarking on the use of technology Blockchain as of this writing. Another example is the one that is taking place in Qindao, where a platform based on Blockchain allows you to do cross-border business in North America and part of Asia. Continued projects like this China could easily become one of the countries with the most technology projects Blockchain “in the oven”. And you, what do you think about this?, what you seem to be initiatives that are worthwhile? or do you know any that are taking place closer to our latitudes?