China Zheshang Bank Trials Use of Blockchain Technology to Simplify Reimbursement Procedures for Companies

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Regional lender China Zheshang Bank is trialling the use of blockchain technology to facilitate the processing of reimbursements by companies.

Zhehang’s independently developed SaaS-based cost-control software package Jijian Baoxiao (极简报销) (“Extremely Simplified Reimbursements”) leverages the advantages of blockchain technology with regard to data confidentiality and data sharing to simplify reimbursement procedures across multiple areas.

According to Zheshang the software package can produce the cost of reimbursement processing by companies by around 20%, as well as the time required by around 30%.

The software automates the production of payments lists and registers payments-related data to blockchain platforms, which in turn use digital signatures, encryption algorithms and consensus mechanisms to ensure that such payments data is reliable, secure and tamper-proof.

Customers can then directly obtain payments list data from blockchain platforms directly, and employ data signatures to achieve sharing of payments lists data between companies and banks.

The software package can also create consortium chains for business travel purposes that incorporate banks, enterprises, airlines and restaurants, in order to share data between different industries and companies and further simplify reimbursement processing.

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