Blockchain platform of the NBK received additional $4.7 mln

   The NBK's trade finance block-platform received an additional $4.7 million to fund key research over the next three years.

The project was first announced in September 2018. Blockchain technology makes it impossible to change the information provided by enterprises, which banks can pass on to other interested institutions. Since the launch of the project, the number of participants has been growing steadily. In mid-January, 44 banks and 1898 companies were involved in the project, as well as processed transactions worth over 90 billion yuan.

As noted by a number of experts, the platform of the People's Bank of China is supported by the authorities and is the highest-level blockage initiative in the country. It is expected that with its help, small and medium businesses will be able to get easier access to financial instruments during the coronavirus epidemic COVID-19. Among other things, the accelerated development of the platform will have a positive impact on interbank transactions, as information can be transmitted through a publicly available distributed registry.

As reported by representatives of the People's Bank of China, there is now a significant progress - the processing time of such transactions was reduced from 10 days to 20 minutes, and the cost of corporate finance fell below 6% of the original values.

The platform is being developed by the People's Bank of China's experimental research unit in the field of digital currencies, the Chinese Academy of Sciences, major educational institutions and banks in the country.

Last October, Chinese President Xi Jinping said about the prospects of using block technology and its importance for the Chinese economy.