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Last Updated : Nov 07, 2019 08:39 AM IST | Source: Reuters

PBOC says blockchain solves trade authentication, financing issues

Blockchain technology effectively reduces financing risks for financial institutions, and lowers financing costs for importers and exporters, the statement said.

The use of blockchain technology solves the issue of information asymmetry in trade finance and the core problem of providing proof of trade authenticity, the Shanghai headquarters of the People's Bank of China (PBOC) said in a statement on Thursday.

Blockchain technology effectively reduces financing risks for financial institutions, and lowers financing costs for importers and exporters, the statement said.

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First Published on Nov 7, 2019 08:30 am
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