Reported by Sina Tech on December 6th, the new CCB-developed solution was designed for the primary target of strengthening operations, along with canceling out serious issues regarding its refactoring business, and at the same time making data accessible to numerous involved parties.
Prior to the official introduction of the new refactoring platform, CCB has made the updated version of its blockchain trading platform – named BCTrade 2.0 – publicly available in October this year. A $50 billion equivalent of cumulative volume of trading has been achieved since the official launch of the platform.
CCB’s blockchain trading financial platform – which provides support for domestic letters of credit, forfaiting, international factoring and refactoring – will help bring the digitization factor to the current trade and financial systems, of over 54 establishments, in and outside of China, including numerous state-run and foreign banks.
This news has contributed to the rapidly growing rate of blockchain adoption across China, as the Bank of China, in its latest initiative, has approved 20 billion yuan ($2.8 billion) worth of blockchain-based financial bonds, dedicated to small and micro-sized businesses.