The rail trade route between China and Europe has seen a significant speed improvement thanks to the application of blockchain technology.Reports China’s People’s Daily Online.
The Industrial and Commercial Bank of China installedtogether with the Sino-Europe Trade Link 2.0 platform supported by blockchain, Chengdu International Railway Port in Sichuan Province.
In addition to reducing time-consuming logistical document reviews The new system enables foreign trade companies to receive money directly from the bank to accelerate cash flow.
Operations involving freight being shipped by rail from China took more than a month to reach their destinations in Europe. Documentation and waybills had to be checked at every border crossing whose logistics were hampered by translation difficulties and bureaucratic delays.
In the first three years and three months of its existence, the China-Europe freight service managed to make 200 trips. Since the introduction of blockchain technology, the same trips have been made in just two months.
An ICBC employee told reporters The advantages of the blockchain-based system made it a reliable platform for hosting and tracking business data.
“We are taking advantage of the blockchain, such as tamper-proofing and date records, to create reliable business data. This can greatly improve the financing capacity of small and medium-sized foreign trade companies.” They said.
In the past decade, the way world trade is conducted has changed radically. said Chen Ran of Chengdu International Inland Port Operation, adding: “Compared to 2007, we now have the support of blockchain, the Internet of Things and Big Data, which can help track logistics and significantly reduce the risk of cargo damage. So there is better protection for both Banks as well as customers. “”
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