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E-invoicing, SCF & E-procurement

Chinese public service uses blockchain to enable transactions and financing

Monday 4 February 2019 | 09:54 AM CET

The Food and Drug Administration of the Chinese Chongqing Yuzhong District has announced applying blockchain technology to its operations.

Blockchain will be applied by the agency to strengthen the supervision of food and drug quality assurance with better traceability of the product life cycle and anti-counterfeiting measures. The blockchain traceability system will also provide centralised management of traceability information for enterprises and permit queries for information about products.

Also, at the beginning of January 2019, news broke that China’s self-regulatory bank organisation, the China Banking Association, will launch a blockchain-based platform to improve efficiency across the sector. The project, formally dubbed the “China Trade Finance Inter-bank Trading Blockchain Platform,” aims to use blockchain to target trade finance, transactions and other financial services.

More: Link
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