Yesterday, the Chinese government
revealed that it plans to use blockchain in numerous aspects of cross-border trade in Hangzhou. The area, highly active in manufacturing and e-commerce, has seen the positive effects of digital transformation. Among other new initiatives, blockchain will further improve data integrity and transparency.
China’s statement focused on the logistics and e-commerce enterprises in Hangzhou, which manage the $37.4 billion of imports and exports through the area. It contains bonded (tax neutral) warehouses from which goods destined for foreign countries must go through customs clearance before leaving, and imports must be checked before entering.
This process has already been modernized with digital systems. Yesterday’s article claims that Hangzhou’s import clearance times have been reduced from an average of 191 hours to 27 hours, with exports only at 0.2 hours.
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