Blockchain solves trade authentication, financing issues: Shanghai regulators
Reuters
Published Nov 07, 2019 03:09AM ET
Blockchain solves trade authentication, financing issues: Shanghai regulators
SHANGHAI (Reuters) - The use of blockchain technology solves the issue of information asymmetry in trade finance and the core problem of providing proof of trade authenticity, the Shanghai headquarters of the People's Bank of China (PBOC) and the city's commerce commission said in a statement on Thursday.
Blockchain technology effectively reduces financing risks for financial institutions, and lowers financing costs for importers and exporters, the statement said.
(This story refiles to clarify sourcing was from joint statement)
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