Local Shanghai government departments and several financial companies have established a blockchain alliance to boost the city’s international trade using blockchain technology reported Cointelegraph on November 7th.
Shanghai Municipal Commission of Commerce, Shanghai Customs, and representatives of 6 bank branches in the city signed an E-port blockchain alliance.
"This is the first blockchain application project in customs and the first service project for the CIIE. China upholds multilateral trade and constantly improves its business environment by seeking technological innovation," said Ye Jian, a general administration official at Shanghai Customs.
Blockchain technology has been applied in several free trade zones (FTZs) in China, aiming to improve administrative efficiency, enhance trade convenience and increase mutual trust among parties through blockchain-based transactions.
Shanghai is only one example of blockchain application for finance in China. At the end of October, a cross-border financial blockchain service platform was piloted in Nanning, South China's Guangxi Zhuang Autonomous Region.
Blockchain adoption has been growing in China, especially after the country’s president, Xi Jinping, publicly supported the technology, saying that the nation should take the leading position in its development. China is also almost "ready" to launch its national digital currency after five years of research and development.