The Bank of Communications officially launched the new generation group information system intelligent transformation project (‘New 531’ project), and through the blockchain technology, the business development is faster.
“As of July 26 this year, the Bank of Communications has opened a total of 20 domestic certificates for blockchain, amounting to 156 million yuan.” On August 16, Shen Rujun, executive director and deputy governor of Bank of Communications, held a press conference at the banking industry. Notification.
Shen Rujun focused on the development of financial technology by the Bank of Communications at this conference. “A few days ago, Bank of Communications officially launched the new generation group information system intelligent transformation project (‘New 531’ project), aiming at building a core of digital and intelligent communication, and continuously improving the Group’s service capabilities, management capabilities and comprehensive competitiveness. “He said.
It is understood that the current transportation mainly promotes financial technology from the four directions of big data, mobile internet, artificial intelligence and blockchain. Among them, blockchain technology is a key content of the Bank of Communications.
Speaking of views on the blockchain, Bank of Communications chief information technology specialists, general manager of information technology management department SOCIALIST said that from the technical side, “blockchain” technology, many say, is not mysterious, because the initial and bits The coins are hung together and there have been more discussions in the previous period. Li Haining believes that the “blockchain” itself is a technology, and the benefit is to enable all parties involved in the chain to trust each other, that is, through distributed processing, storage, and intelligent contract and consensus mechanisms , cryptography, using mathematics or technology. Means to build common trust and common interests for everyone.
“Bank of Communications in this way, the securities department, the intermediary, the relevant investors and so on, can make the business develop faster. We also did a letter of credit, which is a discussion of technology,” he said.
It is understood that for a long time, domestic letter of credit transactions have to go through a number of banks and courier service providers such as the issuing bank, the advising bank, the delivery bank, and the negotiating bank. Each institution completes its records in its own accounting system. The information between the organizations is isolated and opaque. The processing of documents has difficulties in verifying authenticity, low efficiency, easy delay, and easy loss.
In April 2018, the Bank of China blockchain domestic L/C project was put into operation. As of July 26 this year, the Bank of Communications has opened 20 domestic certificates of blockchain, amounting to 156 million yuan.
Shen Rujun said that Bank of Communications continued to pay attention to blockchain technology, and analyzed and judged that domestic letter of credit, bills and supply chain finance business will bear the brunt of the blockchain in the application of technology in the field of banking and finance.
In addition to the letter of credit, on June 27th, the industry’s first blockchain asset securitization platform “Ju Cai Chain” was officially launched at the Bank of Communications. The basic asset information of the first mortgage loan securitization financing product was completed by the Bank of Communications, realizing the credit penetration of the securitization financing business system.
[su_quote]This article is writing on 17 Aug 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]
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