Bank of China Leads Launch of Forfaiting Trade Platform Based on Consortium Blockchain

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Bank of China has teamed up with China CITIC Bank and China Minsheng Bank in the development of a forfaiting trade finance platform based on a consortium blockchain

According to domestic media reports the consortium blockchain¬†forfaiting platform which recently came online is based upon a “distributed framework, fully on-chain operational links, and fully automated systems integration,” making use of technology including the blockchain and big data to effectively resolve several key problems in relation to traditional interbank asset transactions.

These include problems with the accuracy of information transmitted via conventional channels such as telephone or mail; problems with complex workloads and information security; the diffuse nature of pricing information as well as lack of standardisation between the parties to transactions.

As of 26 October the consortium blockchain-based forfaiting platform has already seen six transactions worth a total of 30 million yuan.

 

 

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