Called ‘BCLC’, the system has been created in collaboration with Minsheng Bank and is based on Hyperledger Fabric. On the first day, a 100 million letter of credit transaction was carried out on the platform. BCLC transforms the issuance and delivery of the letter of credit into electronic format, thereby saving time and delivery cost, according to EconoTimes.
BCLC connects buyers with banks on the network to carry out tasks including issuing, notifying, accepting, and paying with full transparency. It allows buyers and sellers to track the letter of credit traffic by following each node and avoid errors and fraud.
CITIC bank also announced that it will continue to improve the blockchain-based system and expand the scope of blockchain applications by boosting research into emerging technology.
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