China Shipbuilding Industry Company Limited (CSICL) is going to explore how it can apply blockchain to financing its upstream suppliers, reports official Chinese newspaper People’s Daily on March 27. CSICL is a subsidiary of one of the two largest Chinese shipping conglomerates, China Shipbuilding Industry Corporation (CSIC).
CSICL signed a strategic cooperation agreement on supply chain services with Shanghai Bank. Per the terms of the agreement, CSICL and Shanghai Bank will purportedly develop an blockchain-based online supply chain finance platform for upstream suppliers of CSIC.
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