The Hong Kong Monetary Authority unveils trade finance platform based on blockchain technology

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Hong Kong appears set to burnish its credentials as a global trading hub, with its development of a proof-of-concept distributed ledger platform for trade finance using Blockchain technology.

The Hong Kong Monetary Authority (HKMA) led this initiative, which was supported by professional services group Deloitte and five of the city’s top banks, according to a joint announcement on Thursday.

Their project was designed to demonstrate the feasibility of using the distributed ledger technology known as Blockchain to reduce the risk of fraudulent activity, while increasing business transparency, operational efficiency and productivity in trade finance.

Read more at SCMP