China Banking Association: Launch of an interbank blockchain platform for trade finance

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China Banking Association: Launch of an interbank blockchain platform for trade finance

  • CBA wants to prevent and control financial risks and speed up financial reform
  • The platform provides standardisation of transaction information of interbank trade financial products
  • The process completed the first and second phase of the network test forming a technical standard and business product standard
  • The CBA explains that the platform is based on a distributed data storage, point-to-point transmission, consensus mechanism and encryption algorithm of blockchain
  • ICBC and China Merchants Bank have completed the verification of the first interbank domestic letter of credit chain
  • CBA plans to expand the platform coverage, and wants the majority of small and medium-sized banks to join