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Technology will not change the essence of finance, but it will make financial services more efficient, and it will solve the problem of information asymmetry between fund supply and demand side. Recently, the CITIC Bank first block chain project - based block chain of domestic credit information transmission system (BCLC) (a) successful on-line, this is the first time the domestic banking sector will block chain technology for credit The area of ​​settlement of securities.

Translated from https://www.7234.cn/

According to Zhang Yuqing, assistant general manager of CITIC Bank's international business department, the current blockchain technology is applied in domestic letters of credit, changing the bank's traditional letter of credit business model, opening, notification, delivery, and acceptance of letters of credit. All the payment messages are implemented through the system, which shortens the time for the transmission of letters of credit and documents. The transmission time of messages can reach the second level, which greatly improves the processing efficiency of the letter of credit business, and at the same time improves the tamper-proof characteristics of the blockchain. The security of the letter of credit business.
CITIC Bank has cooperated with Minsheng Bank to launch the first banking domestic letter of credit blockchain application . The two parties have agreed on the principle of cooperation, defined the relevant technical terms and standards of the blockchain, clarified the working mechanism of blockchain cooperation, and the domestic letter of credit business. The process, while agreeing on confidentiality and legal terms.

The cooperation follows the essence of the decentralization, openness and equality of the blockchain, and provides a model for further expansion of the cooperation and application of the inter-bank blockchain. It is reported that banks that are willing to cooperate in blockchain cooperation in the future are free to join.

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