Big Upgrades: Meet BCTrade 2.0

The China Construction Bank (CCB) has officially rolled out the second iteration of their blockchain trade finance platform, BCTrade 2.0, and it’s already making waves with a jaw-dropping cumulative transaction volume of 360 billion yuan (about $50 billion). This isn’t just any update; it’s a complete revamp that promises to digitize the trade and financial services landscape like never before.

What’s New in BCTrade 2.0?

BCTrade 2.0 isn’t just a sleek new design; it enhances trade financing activities by connecting 54 domestic and international CCB branches with 40 external partners. Think state-owned banks and foreign financial institutions all dancing on the blockchain to ensure smoother and faster transactions!

How Does it Work?

This platform conducts essential activities such as accounts receivable management, trade financing, and regulation. Speaking of regulation, it also boasts a structure that allows for real-time monitoring of financial activities. Sounds like the future, right? Deputy Governor Ji Zhihong is keen to emphasize that this isn’t just for show; the bank is eager to invite more industry players on board. Let’s get the blockchain party started!

A Quick Look at Progress

Flashback to March 2019, when CCB announced their 2018 report, revealing that they had already processed 200 billion yuan ($30 billion) by the end of that year through their blockchain platform. Fast forward to today, and it’s clear they’ve come a long way in a short amount of time, showing just how potent blockchain technology can be for trade finance.

The Digital Currency Buzz

But wait, there’s more! Cointelegraph recently highlighted that the People’s Bank of China is considering giving its first batch of central bank digital currency (CBDC) to notable entities like Alibaba and Tencent, alongside five banking institutions and one mystery player. It seems that China is full steam ahead into the world of digital finance!