Top Chinese banks expand Shanghai trade blockchain platform

Today, China’s Sina reported that multiple leading banks released new blockchain features for the ‘Shanghai International Trade Single Window’ platform. The announcement was made by the Shanghai branches of the Bank of China (BoC), Industrial and Commercial Bank of China (ICBC), Construction Bank, Agricultural Bank, and Bank of Communications.

Banking giants

The first four are the largest banks in the nation and, according to the Forbes Global 2000, the ICBC is the biggest company in the world. The platform is run by the city’s Port Office and combines institutional trade services in one place. As of today, businesses can use it for cross-border financing, medical supply chain traceability, customs supervision, and integrating third-party trade. These new features were developed with Shanghai’s People’s Bank of China (PBOC) branch, Drug Supervision Bureau, local customs, and the BoC and ICBC, respectively. Today’s announcement also revealed that the parties established the ‘Shanghai Electronic Port Blockchain Alliance’, aiming to apply blockchain to improving customs and interoperability.

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