Shanghai Securities News reported that the testing phase of a blockchain trade finance platform has been officially launched by the People's Bank of China. The "Bay Area Trade Finance Blockchain Platform" was released earlier than its scheduled date.
The platform was released by the Shenzhen Central Sub-branch of the People's Bank of China. People's Bank of China is the People's Republic of China's central bank.
The platform is focused on conducting trade and financing activities and it also provides a system that will regulate the trade finance that will enable real-time monitoring of different activities.
Shanghai Securities News reported that the platform plans to make an "open financial and trade ecosystem based on the Guangdong, Hong Kong, and Macau Bay Area." The Bank of China, China Construction Bank, China Merchants Bank, Ping An Bank, Standard Chartered Bank, and BYD Co., Ltd were involved in the creation of the platform.
According to the reports, the platform is expected to help banks in conducting business authenticity audits, it can also reduce business costs, improve business efficiency, and it can prevent and control business risks. The platform is also reported to do well in assisting regulators and strengthen information sharing between departments.
Ping An Insurance is a Chinese insurance, banking, and financial services giant. On the first weeks of August, the company released a "White Paper on Smart Cities" that advocates in the development of blockchain, AI, big data, cloud computing technology, and promoting the creation of a "smart city."
According to the Cointelegraph in its report in July, the Ministry of Science and Technology of China announced that China would lead an international research group that will focus on the standardized Internet of Things.
The proposal for the making of an international group was adopted by the joint technical committee of the International Organization for Standardization and the International Electrotechnical Commission (IEC) after a month of thorough discussion with its members.
Science and Technology Daily wrote that the creation of the group means China has won "discourse power" in technology integration. They stated that is of great significance for China's related industries to lead the global development and promote the integration of fiat and digital economy.
The international research group was chaired by Dr. Shen Jie. According to the CoinTelegraph, the group is expected to promote fiat-digital integration by trough providing industrial application scenarios and establish working mechanisms that promote international standardization for loT and blockchain technologies.
