Another Chinese province, Hainan, joins the blockchain ecosystem with the proclamation of a cross-edge financial services platform. News of the platform'southward pilot was appear on Friday.

According to the local newspaper Hainan Daily, the primal government approved the initiative, assuasive banks to provide loans to companies that look to consign their products abroad.

The mensurate seeks to reduce the bureaucracy of customs procedures, in addition to reducing the number of loan applications through regular channels.

The pilot program will select two banks to acquit out business through the blockchain-powered platform. Local media reported that the first export business relationship was traded successfully through the system.

Cutting fourth dimension and expenses in the process

Under guidance from the Hainan branch of the Foreign Substitution Agency, the local office of the Bank of Cathay relied on the blockchain platform to successfully send coin from a company in Hainan.

Sina reports that the platform has a number of significant advantages. One involves the utilize of tamper-proof blockchain data through authentication functions for customs declaration forms. This simplifies the process, improves efficiency and reduces the processing time significantly.

Once officials evaluate the results of the pilot program, the Hainan Provincial Branch of the Strange Commutation Agency will seek to strengthen the use of blockchain in cross-edge payments services.

Other Chinese provinces already joining to the blockchain adoption

Cointelegraph reported on April 22 that a blockchain-backed cross border platform implemented in the Chinese city of Qingdao was allowing companies to trade with partners in Northward America and south asia.

The Hunan province also recently approved the Wanbao blockchain zone in the metropolis of Loudi, according to local news reports on March 4.