KCN: FIRST LOAN ON BLOCKCHAIN

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KCN: FIRST LOAN ON BLOCKCHAIN

The Agricultural Bank of China (ABC), the world’s fourth-largest bank by assets, has issued its first loan on blockchain, local news outlet Financial News reported July 31. State-owned ABC, which counts itself among China’s “Big Four” lenders, revealed it had issued a loan worth around $300,000 backed by a piece of agricultural land in the Guizhou province. According to Financial News, the bank will “build blocks with local people, pilot land and resources bureaus, and agriculture and animal husbandry bureaus,” through the blockchain system, adding that the loan aimed to “support the local tea industry.” The blockchain project received participation from third parties, including the provincial branch of the People’s Bank of China (PBoC), acting as nodes to keep tabs on the validity of loan data.

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The Crowdsale Network platform is based on the goal of supporting and implementing socially important projects to improve the quality of life of every person. With the advent of blockchain and crypto-currency technologies, it became much easier to attract investments into a start-up with the help of ICO than through venture funds.

The ICO means the release of tokens, and the crowdfunding is the target fundraising for the project, where the startupper does not offer investors tokens in exchange for money but something else. For example, he offers the product itself at a low price or a constant discount on all types of services of the creating business.

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