Pingtan, East China’s Fujian province launched a blockchain platform “Lianrongtong” in a bid to effectively relieve businesses of financing difficulties on Sept 28. The platform marks the first of its kind in Fujian.

It is introduced that “Lianrongtong” uses cutting-edge technologies like big data and blockchain to create a credit platform open to the public for records like enterprise rewards and taxation.

Xie Fangquan, deputy general manager of Pingtan Zhihuidao Investment and Development Co introduced that the data on the platform are reliable and tamper-proof, which serves as a basis for credit granting by financial institutions to businesses in need.

Before blockchain, loan applications were often complicated grounds for cross-border e-commerce and platform economy enterprises due to the nature of these businesses (light assets, no physical mortgages, etc). Now, this is no longer the case! Xu Xu , an official from the Economic Development Bureau of Pingtan said that the platform provides a brand-new solution to the financing problem for these businesses.  

After the "Lianrongtong" blockchain platform was launched, two companies in Pingtan took the lead and obtained a total of 15 million yuan in bank credit.

What is blockchain?

Blockchain is a term in the field of information technology. It is a shared database. The information stored in it has the characteristics of "unforgeable", "traceable", "open and transparent" and "decentralized". Based on these, blockchain technology has laid a solid foundation of trust, created a reliable mechanism for cooperation, and has broad application prospects.

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