China’s central bank has announced that three major blockchain trade finance projects have crossed the US$63 billion mark. They include the China Construction Bank blockchain network, the Bay Area Trade Finance blockchain platform, and the CITIC/Bank of China initiative.
The China Construction Bank saw the highest transaction value by far at US$50.4 billion, followed by the People’s Bank of China (US$9.8 billion) and the CITIC / Bank of China (US$2.8 billion). The central bank’s Bay Area Platform saw the highest growth rate (133%) in five months.
China may lead the world when it comes to blockchain’s growth, but there are major players operating in other countries. For example, VAKT, a consortium of leading energy companies and banks, processes more than 90% of North Sea oil trades. It has been estimated that this expanding network represents billions of dollars annually. VAKT’s sister company, komgo, has processed US$700 million as of September. The two companies use Quorum — the enterprise version of Ethereum.
In Singapore, blockchain startup dltledgers recently processed US$1 billion in trade finance. The startup’s major clients include Singapore’s DBS Bank and Standard Chartered.
Some of the most significant projects in the global blockchain trade finance have not entered production. Marco Polo, a trade finance network with more than 25 international banks, and Letter of Credit blockchain, with a consortium of eight global banks, have both announced that they will go live soon. The two platforms operate using R3’s Corda.
Commodities trader Mercuria has revealed that it plans to invest US$100 million in emerging technologies such as blockchain, Internet of Things (IoT), and Artificial Intelligence (AI).
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us