Chinese Blockchain-powered Trade Pilot Claims Int’l Success

Companies involved in the Chinese city of Qingdao’s blockchain-powered cross border financing platform pilot are claiming that they are enjoying great success – and have conducted blockchain-powered trades with partners based as far afield as North America and Southern Asia.

Per the Qingdao Daily, via Sina, the pilot was launched on January 19 this year, and has so far seen 30 participant finance-related firms based in the city work with 37 Qingdao-based companies that export products or services overseas via the platform.

The news outlet reports that the companies in question have used the platform to verify corporate credit information, authenticate export and finance loans worth USD 37.3 million.

The pilot’s operators also claim that almost 100 tax forms have been processed on the platform.

The report quotes a Qingdao official as stating that the city will continue to promote the pilot, and will look to expand the network of banks currently using it. The operators now want to increase the number of applications available on the platform to boost blockchain-powered international trade.

And the report quotes a financial team representative of a vehicle brake manufacturer based in Qingdao that exports to the United States, Mexico and India.

The company states that thanks to the platform, it was able to complete a loan application – including financing checks and reviews, customs documentation processing and registration – in “just 10 minutes.” A shipping company, also based in the city, said that the platform had cut its own 12-hour process down to mere minutes, doing away with in-person visits to customs offices and other time-consuming protocols.