China's large commercial bank, China Everbright Bank (CEB), is implementing a blockage supply chain tracking system developed by Ant Finance, subsidiary of trade giant Alibaba.
Duo Chain, a blockage network platform designed specifically for supply chain and related financial transactions, will be built into the bank's infrastructure. CEB will be the first Chinese bank to use Duo Chain in its operations.
The platform will help both parties - seller and buyer - to reduce frozen funds and increase cash flow. Blockchain makes the entire buying and delivery process more efficient and reduces costs. In addition, the platform allows organizing short-term loans for buyers or early payments for sellers.
Using Duo Chain will help increase the security of trade finance transactions and get rid of fraudulent transactions. The platform allows users to complete complete complete identification and digital signatures, and then record the data in a block listing to ensure that it remains the same.
Trade finance transactions at the block-office are becoming more and more popular. Such systems have already been tested by major banks including JPMorgan, Standard Chartered and SBI Holdings. Earlier it was reported that Chinese banks in Chongqing used a block-type trade finance system, through which $460 million in transactions were made over the year.
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