The Xiong’an New Area in northern China has just launched a new blockchain-driven system for the management of fiscal construction funds.
The Xiong’an New Area Fiscal Construction Fund Management Blockchain Information System (雄安新区财政建设资金管理区块链信息系统) was developed by Xiong’an New Area in collaboration with partners including China CITIC Bank, Industrial and Commercial Bank of China and China Construction Bank.
On 20 January the system successfully used for the allocation of payments to construction workers and a materials supplier.
The first set of cross-bank payments was completed within a 10 minute period, dispatching 360,000 yuan to the salary cards of 29 construction worker.
This involved the transfer of sums from the general contracting company to the labour sub-contracting company, before transfer to the accounts of the construction workers themselves.
The second transaction saw a 50,000 yuan payment similarly transferred via multiple banks to the account of a materials supplier within a 15 minute period.
Xiong’an New Area said that in future it will continually explore the application of blockchain technology to residential leasing, housing public funds, pension funds, household wealth management, healthcare, social welfare and electronic invoices.