Yunnan companies use blockchain for $580m of international payments

Yunnan companies use blockchain for $580m of international payments
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Local Yunnan businesses have transferred $580 million (£417m) across international borders using a blockchain platform developed by the Chinese Government.

Across a total of 638 transactions, some 208 of the southern Chinese province’s small to medium sized businesses took advantage of the platform.

The system, launched in December last year, allows export-focused firms in Yunnan to reduce the time needed for international money transfers from as long as two days to 15 minutes.

“China’s central Government wants to boost blockchain innovation in the country, particularly with regard to applications that make government more efficient,” CoinDesk reported.

As well as bringing greater efficiency to companies, the platform helps local authorities monitor transactions and implement regulations, said state-owned newspaper Spring City Evening News.

The project, which began in June 2020, is part of a wider national drive – in both the public and private sector – to deliver and improve blockchain-based payments systems across China.

Want to learn more from executives at the heart of this space? The Blockchain IoT Solutions Congress, on November 2 2021, will explore the convergence of these two technologies and the use cases and industries that will benefit.

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