The Shenzhen Stock Exchange announced that it would be adding Blockchain solutions to its operations. We tell you about the new project!
The Blockchain technology is starting to gain momentum worldwide but especially in China. Now the Shenzhen Stock Exchange announced the upcoming launch of a Blockchain solution for trading.
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Blockchain solutions for the stock market
On September 30th a report was published by a local media revealing the official launch of a Blockchain registration and custody system.
According to the report, the platform was created as part of the Beijing Regional Trade Centre and will be tested with the Beijing Fourth Board Market, the city’s regional stock market.
The media also noted that the Blockchain will help reduce the cost of information asymmetry. It will also standardize the management of corporate actions and better perform the function of financing market actions.
It is not the first time that the Blockchain technology has the ability to make processes more efficient; however, some still remain sceptical about its potential.
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China, the paradise of technology
Especially China has become a welcoming country for the development of the Blockchain technology.
In fact, in July, the Chinese Securities Regulatory Commission allowed regional stock markets to work on building a Blockchain pilot. And, of course, since then these stock markets have accelerated the construction of systems based on the Blockchain.
Ge Yimiao said that the Beijing Stock Exchange and the Shenzhen Stock Exchange will cooperate in the implementation of the blockchain.
Thus, the momentum generated by China is so impressive that they have applied for more than half of all blockchain patents worldwide.
Yes, just like you read it. A study called „2020 Blockchain Industry Development“ states that Chinese companies have applied for 4,435 blockchain patents.
Specifically Alibaba Group is the company that has applied for the highest number of Blockchain patents in 2020, 200 to be exact. And, to put it in context, Alibaba has 10 times the number filed by IBM.
Without a doubt, the Blockchain technology is gaining traction in the world as it demonstrates its potential. What will be the next project to exploit the potential of the Blockchain technology? We want to know your opinion!