China launches first blockchain e-seal application platform

Source: Xinhua| 2020-07-20 21:57:01|Editor: huaxia

HANGZHOU, July 20 (Xinhua) -- China has launched its first e-seal application platform based on blockchain technology, with the aim of boosting security and convenience for enterprises, the result of a collaborative effort based in the eastern Chinese city of Hangzhou.

With the rapid growth in online government services and e-commerce across China, there is greater demand for e-seals to secure and authenticate documents and transactions.

However, thus far, there has been little standardization, with enterprises and organizations often using several different e-seals, authorized by different organizations with various standards. In addition, the use of such e-seals is not traceable.

Such problems are solved by the launch of the new e-seal application platform, which has been developed jointly by Hangzhou's data resource administration, market supervision bureau and public security bureau, in cooperation with the BaaS (Blockchain as a Service) of Ant Financial.

The platform will match e-seals with physical seals in a one-to-one correspondence. Each enterprise will have one and only need to have one e-seal.

The use of blockchain technology, meanwhile, ensures that the entire e-seal process is traceable, with all data stored safely, and the use of every e-seal authenticated and monitored by multiple parties. Enditem