Today the China Construction Bank (CCB) released its
2018 annual report. The bank says that it led a blockchain trade finance network that by the end of 2018 had already transacted 200 billion yuan ($30 billion). Nearly 40 domestic and financial institutions participated and it entered into cooperation agreements with 20 peers.
In its
2017 report it noted that it was the first to apply blockchain technology to domestic letters of credit, forfeiting and international factoring. At that stage the bank’s transaction volume was 1.6 billion yuan ($106 million) involving 20 institutions.
CCB is also a participant in the blockchain network unveiled by the
China Banking Association (CBA) at the very end of 2018. When the CBA announced the “China Trade Finance Inter-bank Trading Blockchain Platform” it listed 13 banks including the United Nations Development Bank, and alluded to more. Also by that stage ten banks had actually used the CBA system.
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