Chinese banks to tackle receipt forgery with blockchain tech

posted about 1 month ago
Eight Chinese banks have teamed up with blockchain research startup Shenzhen Blockchain Financial Services to bring efficiency and fight forgery in the country's receipts financing industry.

Despite the expansion of China’s receipts market, the announcement comes at a time when small- to mid-sized firms are unable to fulfill demand.

According to the firms involved, the new alliance will benefit the sector by increasing the reliability and speed of transactions – another example of how blockchain tech could transform the traditional financial services.

The new group includes eight local banks – Ganzhou, Guiyang, Suzhou, Shizuishan, Jiutai Agricultural, Yaodu Agricultural and Langfang – along with government representatives from the cities of Shenzhen and Harbin.
Tags: news, blockchain