Some 208 small- to medium-sized businesses (SMBs) in China’s Yunnan province have conducted 638 international transactions using a blockchain platform developed by the government, CoinDesk reported, citing an article in the Chinese government-run Spring City Evening News.
The data covers the first seven months of operation, through June 30, of the system, according to CoinDesk. A total of $580 million has been transferred.
Some transactions now take 15 minutes when in the past they could have taken two days, CoinDesk reported. One of the system’s benefits will be that it will make it easier for the government to monitor transactions.
“China’s central government wants to boost blockchain innovation in the country, particularly with regard to applications that make government more efficient,” CoinDesk reported.
While government operations across China have been working to develop blockchain-based payments systems, the private sector has also been pushing forward in the area.
Ripple, a provider of blockchain payments systems, announced in March that it had purchased 40 percent of Tranglo, a provider of international payments transactions in Asia, PYMNTS reported. Ripple is based in San Francisco. Tranglo is based in Malaysia.
“We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets,” Asheesh Birla, general manager of Ripple’s Ripplenet, said at the time.
Tranglo CEO Jacky Lee said: “By partnering closely with Ripple and introducing on-demand liquidity to new markets, we aim to … provide accessible and equitable financial services to the masses.”