Some alliances have been formed to improve banking processes

[moniya12]

DLT has been useful in tracking cross-border payments. The Bank of China has partnered with UnionPay to build a blockchain-based payment system for cross-border payments. The Industrial and Commercial Bank of China has created a China-Europe unified e-ticket that connects port companies, banks, regulators, customs and other authorities to build a cross-border trade financial service ecosystem for seamless document and information flow and cash flow tracking. The system improves business processing efficiency in transaction settlement.

Alliances have also been established to conduct and share research and development on blockchain technology. The Financial Blockchain Cooperation Alliance, or Gold Chain Alliance, includes more than 100 participants in the fields of banking, funds, securities, insurance, local stock exchange, and technology. Chongqing has also established an alliance of more than 100 firms to develop DLT applications for the city and create billions of yuan in value.

The State Administration of Foreign Exchange plans to form an alliance with commercial banks to create a national “cross-border business blockchain service platform.” The State Administration of Foreign turkey telegram number database Exchange is working with commercial banks to share customs clearance verification information and allow banks to apply for customs clearance financing. The China Trade Finance interbank transaction blockchain platform, created by the China Banking Association with a number of banks, uses DLT to coordinate interbank transactions such as information transfer.

A new type of alliance promises to significantly reduce the cost of building DLT applications by providing an existing blockchain framework. The National Blockchain Service Network (BSN) is made up of government departments, banks, and technology companies, and allows participants across China to easily build their own DLT applications. The network significantly reduces the cost for firms to build and operate their own blockchain applications from around US$14,000 to less than US$300. The BSN Alliance, which includes the State Information Center and major organizations such as China Telecom, is testing the BSN in more than 50 cities, including Hong Kong and Singapore, and aims to expand internationally. Ant Financial created the Ant Blockchain Open Alliance to reduce barriers to entry for small and medium-sized enterprises (SMEs). The alliance envisions DLT as a service based on Alibaba’s cloud.

[yadaysrdone]

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