Over 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.

Chinese regulators hope to leverage distributed technology to digitize financial data and information and share it instantly and securely.

Per the news stated that a Chongqing-based cross-border commerce firm had used the platform to complete a surgical mask-related transaction.

Another local tech company successfully received $153 million in loans from China Construction Bank through the same platform during the epidemic.

Bank of China (PBoC) has secured $4.7 million in funding from the central government for its blockchain trade finance platform for research and development projects for the next three consecutive years.

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