The Sichuan province capital of Chengdu has launched a blockchain-driven platform to cater to cross-border trade between China and Europe that involves multiple modes of transportation.
The “China-Europe E-Single Link” (中欧e单通)was officially launched on 23 October by the local government of Qingbaijiang (青白江) district in Chengdu, with the goal of using blockchain technology to bring together management of deliveries involving multiple modes of transportation.
“By means of data linkages and reciprocal verifications, it will be possible to achieve mutual trust and confirmation, and provide trade and logistics information support to financing by small and medium-sized enterprises,” said the Qingbaijiang government in an official statement.
Big six state-owned lender ICBC took part in the development of the platform.
“The use of blockchain technology to provide added support will accelerate the drive for financial inclusion along the road between China and Europe, and cross-border trade ties and connections,” said a representative from the Sichuan branch of ICBC.