Hong Kong Formal Touts Blockchain for China’s ‘Belt and Road’ Strategy

A senior official for the governing administration of Hong Kong has said blockchain could bolster China’s ongoing endeavours to drastically broaden its trade abilities.

According to Chinese information assistance Caixin, James Lau, Hong Kong’s Secretary for Economical Products and services and the Treasury, touted the know-how for the duration of a forum appearance on Friday. Lau said that blockchain would provide “terrific added benefits” to nations collaborating in President Xi Jinping’s “Belt and Road” initiative, citing a forthcoming trade finance platform to be developed on the tech.

It was only numerous months ago that Hong Kong unveiled a new partnership with Singapore that will see the enhancement of a new platform also utilizing blockchain. The target of that initiative is to shift away from a mostly paper-primarily based process to 1 that moves the trade finance market “into the electronic era,” officials said at the time.

That blockchain may well discover its way to becoming made use of in conjunction with the Belt and Road undertaking is notable, given the its scale and attain. The undertaking, unveiled in 2013, aims to hook up regions across the South Pacific, Africa, Northern Europe and Russia, encompassing dozens of countries.

Also concentrating on blockchain, Hong Kong’s Monetary Authority (HKMA) finished a evidence-of-thought for trade finance in March, which bundled the Lender of China and HSBC as participants.

Truck image through Shutterstock.

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