In China, digital checks will go on the blockchain
Blockchain

In China, digital checks will go on the blockchain

By Marco Cavicchioli - 6 Jun 2018

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In Beijing, a new digital platform is being designed to manage payments in a rapid, secure and shared manner. An official of the Central Bank announces this system, introducing digital checks

In Cina gli assegni andranno sulla Blockchain: leggi l’articolo in lingua italiana. 

Chinese Central Bank’s digital currency research department official Di Gang has announced a new project to change the way allowances are handled in China.

This is a platform with which paper checks will be tokenized becoming digital checks and all operations will be managed with a smart contract. The aim is to make management more transparent and less susceptible to fraud.

In addition, thanks to a new digital billing system, transaction times are about 3 seconds and it is guaranteed that once the transaction has been completed, it cannot be changed.

Di Gang claims that blockchain is a low-level, core technology with encryption-based deployments that provides a completely new financial infrastructure for data trust and business confidence.

The term “low level” refers to a basic technology that can be used to develop tools and functions of “high level”.

In particular, in this case, the key feature is not to need any intermediary to manage financial services. Moreover, it is possible to significantly reduce the complexity and cost of the same, and it is possible to share data with several parties, even if they use computer systems that are not compatible with each other.

However, for the time being, the name and technical functioning of the new platform are not yet known.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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