New Blockchain System Is Installed In China–Europe Rail Trade Route
New Blockchain System Is Installed In China–Europe Rail Trade Route
April 14, 2021
New Blockchain System Is Installed In China–Europe Rail Trade Route
New Blockchain System Is Installed In China–Europe Rail Trade Route
April 14, 2021

A new blockchain system has been installed in the China-Europe rail trade route to raise money directly from the bank to speed up cash flows.

It has been reported that the Chengdu International Railway Port in Sichuan province was installed with the blockchain-powered Sino-Europe Trade Link 2.0 platform by the Industrial and Commercial Bank of China.

However, trades, where the cargo was delivered from China by rail, used to take over a month to reach their destinations in Europe. Documentation and waybills would have to be checked at every border crossing, the logistics of which was made harder by translation difficulties and bureaucratic hold-ups.

The report said that in the first three years and three months of its existence, the China–Europe cargo service managed to carry out 200 trips. Since blockchain technology was introduced, the same number of trips was carried out in just two months.

ALSO READ :  BaFin Orders Karatbit Foundation And Alleged Ponzi Scheme To Cease And Desist

Likewise, a staff member at ICBC said that the benefits of the blockchain-enabled system made it a reliable platform for hosting and tracking trade data.

They said:

“We take advantage of blockchain’s merits, such as its tamper-proof nature and timestamps, to form reliable trade data. That can greatly improve the financing capabilities of small and medium-sized foreign trade enterprises.”

Thus, Chen Ran of the Chengdu International Inland Port Operation, said:

“Compared with 2007, we now have the support of blockchain, the Internet of Things and big data, which can help track logistics and significantly lower the risk of cargo damage. So there’s better protection for both the banks and the customers.”

Source: Cointelegraph | Tschudi Logistics


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Coinbase Active Users Increase By 120%

Coinbase Active Users Increase By 120%

The active users of Coinbase, the major cryptocurrency exchange, have increased by 120%, while trade volumes tripled. It has been reported according to documents filed with the US Securities and Exchange...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.