Hangzhou Comprehensive Insurance Zone: Using Blockchain Technology to Improve Trade Facilitation Level

On October 8th, People's Daily published the article “An optimization of three innovations in Hangzhou Comprehensive Insurance Zone” to create favorable conditions for the high-level development of cross-border e-commerce. The article pointed out that the Hangzhou Comprehensive Insurance Zone will cooperate with the Hangzhou Internet Court to use the blockchain technology to clear the five links of customs clearance, exchange, taxation, transportation and payment. Through the decentralized blockchain technology, the data of all parties will be enhanced, information asymmetry and mistrust in the process of data intercommunication and supervision will be realized, and the supervision mode will be further innovated to improve the level of trade facilitation.