China Everbright Bank (CEB) announced that it has launched a supply chain finance blockchain, according to Shanghai Securities News. The project uses the Ant Blockchain Duo Chain solution for supply chain. The “duo” refers to the intersection between supply chain and blockchain.
While CEB isn’t as large as the big four Chinese state owned banks, it’s nonetheless very substantial with total assets of $662 billion in June 2019. It’s partly owned by the state and ranked as 151 on the Forbes 2000 list of largest companies in 2019.
The report claims that CEB is the first Chinese bank to deploy the Duo Chain solution after it started to work with Ant Financial during the second half of 2019. Ant unveiled the technology solution last year and initially tested it with an automobile manufacturer.
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