Called the “BCTrade2.0 Blockchain Trade Finance Platform”, the platform provides services for over 50 CCB branches and 40 other organizations. The platform was reportedly released in April 2018 and has since then achieved US$50 billion in transaction volume, according to Xinhua.
The CCB recently announced that the platform transacted US$30 billion with almost 40 domestic and international participants last year. The BCTrade 2.0 Blockchain Trade Finance Platform introduces new features the bank has developed with the CCB Financial Technology.
The bank said it pioneered blockchain in the financial sector by using the technology for domestic letters of credit, forfeiting and international factoring. In 2017, the CCB’s platform handled 20 participants and US$106 million.
Also in 2017, the bank and IBM announced they had plans to develop the first blockchain-enabled bancassurance project in Hong Kong with the aim of streamlining transaction processing.
Ji Zhihong, Vice President of the CCB, cited the “distributed storage, transaction traceability, and non-tamperability” characteristics of blockchain as perfect for trade finance. He added that the bank expects to see more participants which now include state-run banks, commercial banks, financial institutions and trading companies.
The BCTrade 2.0 Blockchain Trade Finance Platform by the CCB is just one of the blockchain-based trade finance services in China. Others include a forfeiting blockchain initiative by CITIC and the Bank of China, the central bank’s Bay Area Trade Finance Blockchain Platform, and Zheshang Bank’s accounts receivable blockchain.
The project by the Bank of China and CITIC processed US$2.8 billion and the Bay Area Trade Finance Blockchain Platform US$4.5 billion earlier this year.
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