One of the major Chinese banks, CCB, has updated its blockchain platform with a second version after the attainment of a $50 billion transaction volume from the former version. The BCTrade 2.0 is set to digitize trade and financial services between 54 domestic and overseas CCB branches and 40 external organizations, along with several state-owned and foreign banks.
The platform aims to render a regulatory plan for trade finance to allow real-time monitoring of various financial activities. In March 2019, CCB reported a transaction volume of $30 billion reached by the end of 2018.
Ji Zhihong, the Deputy Governor of the construction bank, has stated an active promotion of the blockchain technology. The bank is willing to accept and unfold more industry peers to join the project and ascend the use of the ledger tech.