The people’s Bank of China (PBoC) has received financing in the amount of $4.7 million from the government of China on the development of its blockchain platform. Funding will flow over three years and is intended for research and development projects.
Blockchain platform was presented??PBoC in Shenzhen in September 2018. It is designed to create registry entries, facilitate the transmission and secure information exchange between business and government agencies.
According to estimates, in mid-January, the platform has processed transactions worth $12.4 million between 38 banks and nearly 1,900 companies that have signed up to use platform.
Chinese information resource Xinhua claims that the platform has made significant progress, thanks to her the process of processing funding of trading decreased from 10 days to only 20 minutes. Also, the publication States that the costs of corporate financing made using this platform, also declined by about 6%.
Platforms managed by the research Laboratory of digital currencies PBoC, Chinese Academy of Sciences, the leading Chinese universities and large local banks.
In recent months, more and more Chinese applications using the blockchain technology.
On 2 March, Beijing has launched a blockchain-based system for billing of Parking. The tax Department of Beijing said that it will gradually implement a blockchain account for all Parking places in the city to promote non-cash payments, adding that in the future plans to implement a blockchain-account in other sectors.
In the first half of February Xinhua estimated that at least 20 blockchain applications has been launched to support the efforts of the Chinese government to curb the spread of the coronavirus, including the management and tracking of medical records, medications and assistance.