A staff member at ICBC told reporters the benefits of the blockchain-enabled system made it a reliable platform for hosting and tracking trade data.
“We take advantage of blockchain’s merits, such as its tamper-proof nature and timestamps, to form reliable trade data. That can greatly improve the financing capabilities of small and medium-sized foreign trade enterprises,” they said.
The past decade has seen radical changes in how global trade is executed, said Chen Ran, of the Chengdu International Inland Port Operation, who added, “Compared with 2007, we now have the support of blockchain, the Internet of Things and big data, which can help track logistics and significantly lower the risk of cargo damage. So there’s better protection for both the banks and the customers.”