(Yicai Global) April 19 -- Port of Tianjin in northeastern China has launched the nation's first blockchain-based customs declaration system, which is the first time for a Chinese public authority to use the decentralized ledger to facilitate trade.
The first blockchain-verified customs declaration was successfully completed on April 17, Tianjin Daily reported yesterday.
With blockchain, China's customs can verify information provided by banks, firms and logistics companies to improve effectiveness, Cao Quan, director at a bureau under the General Administration of Customs, told Tianjin Daily.
China's trade exceeded CNY30 trillion (USD4.5 trillion) last year. Small and medium-sized companies contributed 60 percent of the total value, while 35 percent of their loan applications to finance cross-border trade were rejected, with a failure to obtain clearance information as one of the reasons behind the credit crunch.
Customs in the US, Singapore, South Korea are also exploring blockchain technology to share data between different parties to prevent fraud.
Editor: Emmi Laine