Blockchain-based cross border platform, Pilot, has recently been installed in Qingdao city of China and the companies involved in this project made their <a href="http://sd.sina.com.cn/news/2020-04-22/detail-iircuyvh9145196.shtml" target="_blank" rel="noopener">first trade</a> with their partners in North America and Southern Asia.
<h2>Almost 37 Companies Uses Pilot Program</h2>
On April 22, 2020, the local newspaper of China, Sina has reported that while appreciating the blockchain-based pilot program, the companies have declared that the city’s banks would continue to improve the service.

Around 37 companies in Qingdao have used the <a href="https://www.cryptoknowmics.com/news/what-is-blockchain-technology/">blockchain platform</a> to do businesses with ventures located in the United States, Mexico, India and many more countries.

According to a report by Sina, the pilot program is being used to certify the credit information of the corporate, authorize the loans related to export and finance, and regulate the electronic tax filing forms.

The platform has been designed to handle millions of dollars of total transactions in just 10 minutes.

The recent time duration of the trading is momentous because earlier, whenever this kind of trading has been made, it gets completed in approximately 12 hours. Even the companies had to visit the customs complete the trading process.

Recently, Financial personnel of Borec Brake System Co. Ltd. which is involved in the pilot program has said, “We really didn’t expect that trade finance lending is so fast, and the operation is so convenient”.

While appreciating the work of the cross-border pilot program, the Financial personnel stated that because of this platform the urgent needs of the company was resolved easily and fastly.
<h2>Qingdao-Based Companies To Further Strengthen Program</h2>
Qingdao officials have mentioned that they would further use the trade pilot program to widen its network to other banks. Currently, they have decided to work on to increase the number of application available on the platform.

This is not the first achievement of China in the blockchain industry, for quite a long time the country has been showing progress in this industry.

On April 21, 2020, it has been reported that the Industrial and Commercial Bank of China (ICBC) published a first white paper on the blockchain-based application for the financial sector.

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Qingdao-Based Companies Uses Pilot Program For Cross Border Trading

Blockchain-based cross border platform, Pilot, has recently been installed in Qingdao city of China and the companies involved has made their first trade.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Qingdao-Based Companies Uses Pilot Program For Cross Border Trading

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