Chinese Bank Everbright Introduces Blockchain Trade Finance Platform

Large Chinese commercial bank China Everbright Bank (CEB) is implementing a blockchain system to track chainssupplies developed by Ant Finance, a daughter of the trading giant Alibaba.

Duo Chain Network Blockchain Platform Created byspecifically for working with supply chains and related financial transactions, it will be integrated into the bank’s infrastructure. CEB will be the first Chinese bank to start using Duo Chain in its work.

The platform helps both parties to the transaction -seller and buyer - reduce the amount of frozen funds and increase cash flow. Blockchain makes the whole purchase and delivery process more efficient and reduces costs. In addition, the platform allows you to organize short-term loans for buyers or early payments for sellers.

Using Duo Chain will help increasetrade finance transaction security and get rid of fraudulent transactions. The platform allows you to complete the complete identification of users and issue them digital signatures, and then write data to the blockchain to make sure that they are unchanged.

Blockchain trade finance transactionsare becoming more popular. Large banks have already tested similar systems, including JPMorgan, Standard Chartered, and SBI Holdings. Earlier it was reported that Chinese banks in Chongqing used the blockchain system of trade financing, through which transactions worth $ 460 million per year passed.

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