Tokenized checks developed by the Chinese Central Bank

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Since not so long time ago the tides of technological advantage have changed dramatically. USA is best known for their front battle point in almost every more or less known technology in the world. But not long time ago a long awaited monster economy and techno giant had taken over the world with its work ethic and goal accomplishments.

Its China again. The Chinese had revealed a blockchain-powered system that will digitize paper checks, local media Financial News reports. This newly established system is aiming to prevent financial fraud as well as reduce printing checks expenses.

A year of continued development had made this digital research into reality said Di Gang the official from the People’s Bank of China’s digital currency research department. Checks will be tokenized and all operations will be conducted through smart contracts. Their hopes are high for making these checks prone to fraud and more transparent. This new technology meets all the standards and requirements of the financial services allowing a short transaction time of about 3 seconds, in that way ensuring that the transaction has been completed and cannot be tampered with.

The Chinese President Xi Jinping has given his support for the blockchain at the 19th annual conference of the Chinese Academy of Sciences in Bejing by saying:

“The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things and blockchain is accelerating breakthrough in its range of application.”