How to implement China’s check tokenization system in the whole world.
China is known for fighting corruption and fraud. Recently the Chinese authorities decided to put an end to the paper checks fraud. Of course, with the help of a Blockchain.
Business checks are still popular in China and people sometime use them instead of money. One can claim a payment from the bank or exchange a check for any entities. However, there is a problem with some citizens taking on the bank’s role and printing the checks themselves. Fake papers get into the bank system and begin to undermine the financial integrity of the country.
From now on only the blockchain-platform of People’s Bank of China will be able to issue business checks. Each of them will be supported by a smart contract, which allows regulators to monitor the life cycle of a financial document, regardless of the way it is being used.
Similar service can be built with ENDO Blockchain Protocol. ENDO is implemented on the dPoS сonsensus, which is considered the fastest, most flexible and efficient decentralized model, capable of carrying out up to 100 thousand transactions per second. Our protocol can make a reliable partner of any financial organization.
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