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CMB is the first to realize the application of blockchain Technology

Time : 15/03/2022 Author : 6ys9pa Click : + -
        China Merchants Bank is the first to realize the three scenarios of applying blockchain technology to global cash management: cross-border direct link clearing, global account unified view and cross-border fund collection. In June 2016, China Merchants Bank has realized the application of blockchain technology in the bank's core system through the POC experiment of cross-border direct link clearing business. After six months of stable operation in the simulation environment, China Merchants Bank plans to realize the formal commercial use of the cross-border direct link clearing business transformed by blockchain technology in the head office, Hong Kong branch and Wing Lung Bank on both sides of the Strait in the near future. China Merchants Bank is the first joint-stock bank to launch global cash management services. It has realized the integration with offshore, FT, Hong Kong Branch, Wing Lung Bank, New York branch accounts and online banking, and can provide comprehensive services of settlement, financing and cross-border transfer capital chain for cross-border group enterprises.
        In essence, blockchain technology is a distributed ledger technology for bookkeeping through decentralized and trustless methods, so as to reduce transaction costs and improve transaction efficiency. The recording mode of blockchain technology's distributed ledger determines its non tamperability and makes it an excellent way to record data and information on some occasions. Even the central bank has joined the practical exploration of the application of blockchain. It is understood that the digital bill trading platform based on blockchain promoted by the central bank has been successfully tested. In early 2016, China Merchants Bank paid attention to the business opportunities brought by blockchain technology. At the head office level, the transaction banking department and the information technology department jointly formed a blockchain research group.
        There are also some application level problems in the blockchain technology, for example, the single chain data structure is not suitable for some scenarios, the security and privacy problems caused by the distributed shared ledger, the difficulty in unifying rules for smart contracts, and the core consensus mechanism needs to be optimized. These problems seriously restrict the application of the blockchain technology in the financial field. CMB independently innovated and developed, implemented the "CMB direct payment blockchain platform", passed the POC verification test and promoted the formal commercial use of the project. There were some problems in CMB's cross-border direct link clearing system before the transformation, for example, it only supported the exchange between the head office and overseas branches, and there was no way to exchange directly between overseas branches; There are many manual approval links and the system operation is complex; It is difficult for new overseas institutions to join, and the implementation cycle is very long.
        Through the transformation, China Merchants Bank has realized six overseas institutions plus the head office, all of which are connected to the blockchain. Any two institutions can initiate a request for clearing, and any two institutions can conduct clearing. Return to Sohu to see more.
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