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China’s Central Bank offers blockchain platform for checks

06 June 2018 00:00, UTC
China’s Central Bank offers blockchain platform for checks

The People’s Bank of China (the country’s main financial regulator) has introduced a new platform aimed at countering frauds connected with checks, as reported by the cryptocurrency media citing regional sources.

Apparently, checks can work as remittance advice letters in this country. There can be checks for valuable goods and property, which makes their forgery and selling extremely tempting. The biggest advantage of the new platform is that officials are going to have an access to the full history of newly-issued checks and how they were used. A similar system could have prevented the Russian financial scandal with uncontrolled payment advice documents which happened in the 1990s.

This is a rather classical application of blockchain, but its scale and goals are in a stark contrast to some private blockchain projects which either have a large list of objectives or do not have any at all.

Some experts warn that large blockchain platforms should better be interoperable, but in this case, there is no serious need for engagement with other platforms, as the specialization of this system is rather narrow.

Image: stock photo



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