Wednesday, Jun 23, 2021
International Finance
Technology

Blockchain boosting China-Europe rail trade

Blockchain China_IFM_Image
Blockchain-powered Sino-Europe Trade Link 2.0 platform was installed at the Chengdu International Railway Port

Blockchain is proving to be a major booster when it comes to China-Europe rail trade, according to the media. The Chengdu International Railway Port in Sichuan province was installed with the blockchain-powered Sino-Europe Trade Link 2.0 platform. It was installed by the Industrial and Commercial Bank of China.

Moving goods by train across borders takes a lot of time because documents and waybills have to be checked at every border crossing. While the China Europe rail service carried out 200 trips in its first three months, with the adoption of blockchain, now, the same number of trips can be completed in two months.

Chen Ran of the Chengdu International Inland Port Operation told the media, “Compared with 2007, we now have the support of blockchain, the Internet of Things and big data, which can help track logistics and significantly lower the risk of cargo damage. So there’s better protection for both the banks and the customers.”

Last year, blockchain and crypto data platform LongHash reported that more than 10,000 blockchain-based companies have been established in China during the first seven months of 2020. LongHash said by the end of the year the number of blockchain companies in China pass 2018’s total of 185,00.

It was also reported that the Guangdong Province in Southeast China has the highest number of blockchain startups with Yunnan Province in the southwest coming in second. During that period, China approved around 224 new blockchain projects. Around 40 percent of these projects are based in Beijing. Around 53 of these 224 recently approved blockchain projects by China are in the fintech sector.

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