The Chinese government has disclosed that it will be implementing blockchain technology to enhance efficiency in processes relating to border trade in Hangzhou.
Another factor driving growth is that Hangzhou houses many bonded warehouses — tax-neutral spaces — where imports and exports must pass customs clearance before entering and leaving the country. Overall, Hangzhou handles over US$37.4 billion worth of imports and exports annually.
City authorities have been attempting to digitize the border trade systems using new technologies, with import clearance times reportedly decreasing to 27 hours from approximately 191 hours previously. Exports take a much shorter time at a mere 12 minutes.
The new blockchain platform will be jointly operated with the Hangzhou Internet Court, with payments, exchanges, taxation, and transportation data from custom clearances to be recorded on a blockchain.
The implementation of decentralized technology is expected to enhance the transparency of border trade processes, as well as ensure the accuracy of trade-related information.
Apart from the blockchain project, Chinese authorities also announced that they will be establishing a digital distribution platform, a ‘cross-border e-commerce college’ for training, research and development centers, and tax rebate pool for exporting enterprises.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us