Last week, the Qingbaijiang District local government in Chengdu
announced the launch of a blockchain platform for cross-border trade. It is aimed at the multimodal transport system commonly used for goods moved between China and Europe. One of the nation’s largest international banks, the Industrial and Commercial Bank of China (ICBC), was involved in the platform’s development.
The ‘China-Europe e-Single’ platform was officially launched on October 23rd, and hopes to condense multiple government trade services to a single portal. It claims to be China’s first to focus on multimodal transport, where blockchain can more effectively connect carriers and trace goods. The report added that it could help supply chain SME financing and provide accurate logistics data.
A ‘single-window system’, the platform enables traders to submit regulatory documents in one place. They are then sent to government entities such as customs, border control, trade boards, chambers of commerce, and foreign exchange. This is a far more efficient way of facilitating trade than having to visit each agency individually.
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