CITIC Bank on the line based on the block chain of domestic credit information transmission system


Reporter: pencil leadn

nAccording to media reports, a few days ago, CITIC Bank on the block chain based on the domestic letter of credit information transmission system (referred to as BCLC) (a), which is the first time the domestic banking sector block technology will be applied to the settlement of credit. As of July 21, CITIC Bank has used BCLC to carry out real domestic letter of credit business, trading volume of more than 100 million yuan.n
nCITIC Bank revealed that BCLC changed the bank’s traditional letter of credit business model, the opening of letters of credit, notice, pay orders, acceptance messages, payment of the various links through the implementation of the system to shorten the letter of credit and document transmission time, The transmission time of the message can reach the second level, which greatly improves the efficiency of the credit operation. At the same time, the tampering feature of the block chain is used to improve the security of the credit service.n
nIt is reported that, BCLC using block-chain technology combined with international business systems, based on the block chain technology to establish the letter of credit information and trade documents electronic transmission system, to achieve the domestic letter of credit to replace the letter open.n

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