China Expands Small Business Lending with Blockchain Solutions

Chinese government bodies have started implementing blockchain solutions and secure multi-party computation (MPC) in their data exchange system between tax authorities and banks.

The initiative is designed to expand financing for private and small enterprises by improving data security, operational transparency, and reducing lending risks.

Banks and tax authorities are now using distributed ledgers for secure data exchange and improved transparency, expected to shorten application processing times and reduce lending risks.