Shanghai authorities form a blockchain alliance to improve trade finance operations

Government authorities in the Chinese city of Shanghai, along with China’s central bank and other banks, have formed a blockchain alliance to improve trade finance operations.

The Shanghai Municipal Commission of Commerce, Shanghai Customs, the People's Bank of China and the Bank of Communications, among others, are all members of the alliance, Global Times reported Thursday.

"This is the first blockchain application project in customs,” said Ye Jian, a general administration official at Shanghai Customs. “China upholds multilateral trade and constantly improves its business environment by seeking technological innovation.”


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Several free trade zones in China already use blockchain technology to digitize trade, improve efficiency and reduce costs of operations, per the report.

Just yesterday, Hong Kong and mainland China also partnered on a blockchain project to improve their trade finance operations.

Blockchain adoption has been growing in China, especially after the country’s president, Xi Jinping, publicly supported the technology, saying that the nation should take the leading position in its development. China is also almost ready to launch its national digital currency after five years of research and development.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.