China Construction Bank Unveils Version 2.0 Of Blockchain Based Trade Funding Platform

The second version of blockchain trading platform, which recorded total transaction volume of 360 billion yuan ($50 billion), was officially unveiled by the China Construction Bank (CCB).

Chinese news agency Xinhua has stated that CCB, one of the top four banks in the People’s Republic of China, launched “BCTrade 2.0,” a blockchain trade funding system that digitizes trade and financial services between 54 local and foreign CCB branches and 40 independent organizations, including several foreign and state-owned banks.

The platform carries out trade and funding processes, including accounts receivable and trade funding, and intends to offer a governing system for trade funding to permit live monitoring of a range of financial processes.

In this regard, Deputy Governor of the Construction Bank Ji Zhihong stated that the bank will ardently encourage the use of blockchain platform and welcome more business leaders to participate.

Earlier this March, the CCB published its 2018 report indicating that the blockchain trade funding platform had already conducted dealings for over 200 billion yuan ($30 billion) by the end of 2018.

In August, according to unnamed sources, the People’s Bank of China handed over some amount of central bank digital currency (CBDC) to ecommerce firm Alibaba, Internet focused enterprise Tencent, five banks and another unknown entity.