The Chinese government has poured an extra $4.7 m into the Peoples Bank of China’s ambitious Blockchain project.The Government released the money to the Central Bank to allow the Bank to complete its forthcoming blockchain-based trading and finance program, which is being established directly by the PBoC.
The Blockchain platform is formally referred to in China as the Bay Trade Blockchain Platform. It is designed to document transaction histories, deal with logistics and permit higher on line banking for PBoC customers. PBoC believes as soon as work at the proposed system is whole, transaction efficiencies inside the bank could become a lot greater efficient.
The bank also revealed that the blockchain system would allow Chinese financial regulators to have a better scope of the cryptocurrency industry. The bank continues saying that the platform would also enable small and medium-sized enterprises to have access to better financial tools via it’s dedicated API feeds.
The PBoC has spent some time already working on what could become their milestone project. The Digital Currency Research Lab of the PBoC is directly responsible for developing and testing this new blockchain platform, which test version was released back in 2018.
So far the Digital Currency Research Lab has invited some major commercial banks operating in China to test the new Blockchain Platform. Some of the commercial banks include; Bank of China, Standard Chartered Bank and Ping An Bank. As of now the PBoC has released the Public trail versions of the Bay Area Trade Finance Blockchain platform to the General Public.
Recently a Chinese Local News house reported that the new Blockchain platform was already being used by more than 38 Banks. The same source indicated that the platform hosts more than 90 billion yuan (about $13 Billion) trade volumes. The new line of funding the Bank recently received is expected to boost the adoption of the Blockchain platform among businesses in China.