Chinese Bank Union to Tackle Receipt Forgery With Blockchain

A blockchain research startup and eight local banks have teamed up to bring blockchain's benefits to China's receipts financing industry.

AccessTimeIconMar 16, 2017 at 12:00 p.m. UTC
Updated Sep 11, 2021 at 1:09 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Eight Chinese banks have teamed up with blockchain research startup Shenzhen Blockchain Financial Services to bring efficiencies and fight forgery in the country's receipts financing industry.

Despite the expansion of China’s receipts market, the announcement comes at a time when small- to mid-sized firms are unable to fulfill demand.

According to the firms involved, the new alliance will benefit the sector by increasing the reliability and speed of transactions – another example of how blockchain technology could transform the traditional financial services.

At an event announcing the partnership, Cao Feng, a former senior IBM China official and the research firm's chairman, spoke broadly about the potential for blockchain, stating:

"The application of blockchain technology in our society is far from reaching its potential. With information flooding on the internet, the need to manage internet security effectively becomes crucial to firms. I think blockchain would play a major role in the future."

Adding to the challenges faced by the the industry, is the authenticity of receipts – or lack thereof – as fakes have been rampant in recent years due to lack of regulation and scrutiny. As a result, domestic industry experts are looking for ways to contain these issues, a movement that the partnership is aimed to support.

The new group includes eight local banks – Ganzhou, Guiyang, Suzhou, Shizuishan, Jiutai Agricultural, Yaodu Agricultural and Langfang – along with government representatives from the cities of Shenzhen and Harbin, according to local media outlet Lei Phone.

The development further coincides with an increase in blockchain interest in China. Many large local firms are also developing blockchain-related products, including Alibaba's Ant Financial, JD Finance and HNA Group.

Shenzhen image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.