China Banking Association launches blockchain to verify bank audit letters ࢀ" Ledger Insights

0 Last week the China Banking Association unveiled a new blockchain solution to verify bank audit letters, developed alongside the Chinese Institute of Certified Public Accountants. More than a hundred banks and audit firms have applied to join the network. Typically during a company audit, the auditors ask for a letter from banks to prove that a bank balance exists. One of the challenges is that paper letters from the bank can be forged. On the face of it, this sounds like a boring back-office solution. However, the impact can be far-reaching and is a very strong use of a…