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Hong Kong Considers Blockchain-Based Trade-Financing System

Belt and Road trade is mostly conducted by small and medium-sized enterprises, so blockchain’s distributed ledger technology could help by cutting out the need for a central organization, said James Henry Lau, Hong Kong’s Secretary for Financial Services and the Treasury. Photo: Visual China
Belt and Road trade is mostly conducted by small and medium-sized enterprises, so blockchain’s distributed ledger technology could help by cutting out the need for a central organization, said James Henry Lau, Hong Kong’s Secretary for Financial Services and the Treasury. Photo: Visual China

Hong Kong is looking into building a trade-financing system using blockchain technology, a senior official said.

Blockchain, the decentralized encryption technology behind cryptocurrencies, could provide “great benefits” to trade finance in countries participating in China’s Belt and Road initiative, said James Henry Lau, Hong Kong’s Secretary for Financial Services and the Treasury, at a forum Friday.

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