The China–Europe rail trade route has been subject to a major speed upgrade thanks to the application of blockchain technology, reports China’s People’s Daily Online. The Chengdu International Railway Port in Sichuan province was installed with the blockchain-powered Sino-Europe Trade Link 2.0 platform by the Industrial and Commercial Bank of China. As well as cutting down on time-consuming logistical document checks, the new system will reportedly allow foreign trade companies to raise money directly from the bank to speed up cash flows. Trades where cargo was delivered from China by rail used to take over a month to reach their destinations in Europe. Documentation and waybills would have to be checked at every border crossing, the logistics of which was made harder by translation difficulties and bureaucratic hold-ups. In the first three years and three months of its existence, the China–Europe cargo service managed to carry out 200 trips. Since blockchain technology was introduced, the same number of trips was carried out in just two months. A staff member at ICBC told reporters the benefits of the blockchain-enabled system made it a reliable platform for hosting and tracking trade data.“We take advantage of blockchain’s merits, such as its tamper-proof nature and timestamps, to form reliable trade data. That can greatly improve the financing capabilities of small and medium-sized foreign trade enterprises,” they said. The past decade has seen radical changes in how global trade is executed, said Chen Ran of the Chengdu International Inland Port Operation, who added: “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.”
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/blockchain-provides-major-boost-to-speed-of-china-europe-rail-trade
#trade #etcgstock #bitcoinprofitcalculator #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
Learn more about AWS Startups at – https://amzn.to/2zxje8y
Jack Chu, CEO of data management startup FST Network, explains how the company utilizes blockchain technology to provide de-identified customer relationship management tools. Chu also chats about why this technology is valuable to monolithic enterprise customers, what inspired him to build it, and how it works.
VocaLink, the international payments provider, is celebrating the five year anniversary of the Faster Payments Service in the UK, with 2.5 billion transactions securely processed since its launch in 2008.
In this video: Chris Dunne, Payments Services Director, VocaLink is interviewed by Finextra about Faster Payments at the 5 year anniversary of the service.
Against a tough economic backdrop, the service has flourished and real time processing is now the standard time for phone or internet initiated domestic UK payments.
The Faster Payments Service is the largest real time payment system in the world that operates 24 hours a day, 7 days a week, offering direct customer initiation and almost instantaneous transfer of value to the beneficiary.
VocaLink processes payments on behalf of the Faster Payments Scheme Limited. The service supports businesses and consumers alike with the ability to make immediate bank transfers.