On September 13th, Postal Savings Bank Of China successfully completed their first inter-bank forfeiting transaction using blockchain technology. They used the blockchain trading platform – UCC. The successful transaction means that financial trade based on blockchain has become practicable for a major bank.
The blockchain-powered UCC platform has been initiated by the bank’s United Technologies Corporation. The company is driven by a growing market demand for a smart, convenient and secure business trading platform. The bank’s efforts to innovate have been recognized with an award from the Innovation Alliance and the Tsinghua School of Economics and Management Blockchain Financial Research Center.
UCC is powered by Linux Hyperledger Fabric blockchain technology. It establishes an inter-bank domestic letter of credit which underwrites the entire process, monitoring the transaction chain and all financial assets. It gives the framework for managing and controlling all parts of the transaction.
The technology brings five distinct advantages:
- Optimization of collaborative IT processes boosting greater efficiency
- Enhancing common trust through the blockchain-powered distributed ledger
- Greater security
- Improved transparency, building trust, and dynamism
- A convenient and fast platform supporting the application programming interface mode (API)
Postal Savings Bank isn’t a newcomer to the implementation of the blockchain. Back in 2016, the bank launched its first blockchain-based asset control system, the first in the mainland Chinese banking sector. Postal Savings Bank demonstrates its entire desire to strengthen the technological innovation, empowering its customers with greater efficiency and lower costs. Beautiful.
Original Chinese source
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