Recently, a blockchain-backed cross edge platform airplane pilot was implemented in the Chinese city of Qingdao. The companies involved have now made their first trades with partners in N America and Southern Asia.

Every bit reported on April 22 by local newspaper, Sina, the companies are praising the pilot program, and merits that the city's banks will continue to improve the service.

Trades made with other countries via blockchain

About 37 Qingdao businesses have washed business concern with foreign enterprises through the blockchain platform, located in the U.s., Mexico, India, and a number of other countries.

Sina reported that the airplane pilot platform managed to verify corporate credit data, authenticate consign and finance loans, and manage electronic revenue enhancement filing forms. In full, the transaction handled millions of dollars in under ten minutes.

This elapsing is significant, considering that previously, merchandise processes of this kind took approximately 12 hours. Companies also had to go to customs offices to consummate the process.

Companies praised the pilot program

Financial personnel of Borec Brake System Co., Ltd., a Qingdao-based vehicle brake manufacturer company involved in the airplane pilot plan, commented:

"We really didn't expect that merchandise finance lending is so fast, and the operation is then convenient. Thanks to the cantankerous-border financial blockchain service platform, our company'southward urgent needs have been solved."

Metropolis officials told Sina that they would continue to strengthen the trade pilot programme, in improver to seeking to expand the network to other banks. Still, for now, they volition exist focused on increasing the number of available applications on the platform.

A representative of the Qingdao'due south branch of the State Assistants of Foreign Commutation said they would continue to explore more application possibilities in negotiations with foreign-related enterprises with the system.

The Chinese government continues to brand progress in blockchain technology adoption. Cointelegraph reported on April 21 that the Industrial and Commercial Bank of China, or ICBC, released a white newspaper on blockchain technology applications in finance.