China's Central Bank has developed a blockchain-based system for the rejection of paper receipts
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In China, blockchain develops very quickly. Technology supports the state and . Due to this, the Central Bank has completed the development of a system that digitizes receipts, issued by companies within China.
News was shared by the Deputy Director of the research laboratory for digital currencies the people's Bank of China Di gang. According to him, the Agency has completed work on the system that produces digital receipts based on the blockchain with smart contracts. She worked with 2016.
thethe Blockchain and smart contracts for regulators
The New system will allow to solve the problem of fraud detection in China market. Physical cheques in China are not only used to receive payments from banks, the recipient can also share them with others. The problem of the system lies in the large number of intermediaries who take on the role of banks to issue cheques. This increases the risks of fraud. Among the commercial banks and distributed fake cheques, which violate the financial integrity of the country.
The New system creates a clear view of the whole lifecycle of the digital receipt, regardless of its application. Once the rules are established smart contract on the blockchain, the participants are unable to change them. This increases the efficiency of regulation, reduces costs and helps to eliminate manual check transactions.
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