07/11/19 07:40 UTC-5

The government of Shanghai creates a blockchain alliance to improve trade

OtherIn Shanghai, blockchain is being introduced into international trade
In Shanghai, blockchain is being introduced into international trade

The government of the city of Shanghai in China, along with the central and other banks of China, formed a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
alliance in the electronic port area of ​​Shanghai to improve trade finance operations.


Blockchain Alliance in Shanghai

The Shanghai Municipal Trade Commission, Shanghai Customs, the People’s Bank of China and the Bank of Communications are alliance members, the Global Times said today.  

“The decentralization and distributed accounting functions mean that blockchain is a technology that facilitates the exchange of information, thereby improving the coordination of relevant parties in international trade,” said Chen Huifang, professor at the College of Computer Science and Electronic Engineering at Zhejiang University.

“Blockchain technology ensures the reliability of information, thereby increasing the efficiency of customs clearance, reducing costs and helping simplify trade procedures,” Chen said.

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  • According to cryptocurrency news, several free trade zones in China already use blockchain technology to digitize trade, increase efficiency and reduce transactionTransaction
    – is a financial term that means a logically meaningful operation that can only be carried out completely. Details

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#Shanghai #blockchain #alliance #trade

Editor: Yuliya Soroka