Agricultural Bank of China (ABC), fourth in total assets of the Bank in the world, issued the first loan by the blockchain. A loan of $300,000 was issued today, the administration of the city district Zunyi to support “the local tea industry” bail is a small land. It is reported by the Chinese online edition of the Financial News.
As the Financial Times, the success of the trial transactions finally approved the use of the blockchain for lending to farmers in the future. Only to the experimental system will be connected 10 districts of Guangzhou province.
ABC plans to use the blockchain for joint block generation with the involvement “of the local population, counties participating in the initiative, resource centres as well as agricultural and livestock farms”. The project also involved a third party; for example, the provincial branch of the People’s Bank of China (PBoC) will act as the operator of the verification nodes to ensure the data integrity of the loan.
In the future, ABC will expand the range of applications of blockchain. One of the potential areas of credit check avoid loan different banks secured the same land.
In China a similar way, the blockchain is already using the Suning Bank. In June, the company announced the creation of a consortium distributed registry that hosts the “black list” of credit histories.
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