Rail cargos from China to Europe can now be delivered in days instead of months, after a new blockchain system was installed at a major Chinese rail port.
The China-Europe rail trade route has been subject to a major speed upgrade thanks to the application of blockchain technology, reports China’s People’s Daily Online.
The Chengdu International Railway Port in Sichuan province was installed with the blockchain-powered Sino-Europe Trade Link 2.0 platform by the Industrial and Commercial Bank of China.
As well as cutting down on time-consuming logistical document checks, the new system will reportedly allow foreign trade companies to raise money directly from the bank to speed up cash flows.
Trades where cargo was delivered from China by rail used to take over a month to reach their destinations in Europe.