The China Banking Association has disclosed its plans to launch a blockchain-based inter-bank platform to enhance the performance of the financial sector.

The project is named as ‘China Trade Finance Inter-bank Trading Blockchain Platform’. It is aimed at utilizing the potentials of blockchain technology to streamline trade finance and financial transactions.

Importantly, firms like HSBC, Bank of China and Ping An Bank have signed up for piloting the project, along with sponsorship from the United Nations Development Bank. And, PeerSafe, a Hyperledger consortium member, has agreed to offer technical support for the project.

Fang Xiao, HSBC’s China VP, has commented that the idea of using blockchain to improve trade finance is notable. He further stated that the company’s blockchain trade pilots demonstrate the ability of technology to enhance security and efficiency thereby boosting the business.