China Construction Bank
The world’s second-largest bank, with $4.7 trillion in assets, has so far processed $141 billion worth of transactions on private blockchains for everything from supply-chain financing to cross-border payments. Among its more recent products is EasyPay, designed to make it simpler for corporations to send large, paperwork-intensive transactions with fewer errors and less need for audits.
If a company in Guangxi wants to buy palm oil from Labuan, Malaysia, the counterparties can load their trade contract, receipts and waybills into the shared ledger. Local CCB branches can then process both halves of the trade in parallel, instead of sequentially. The result: Total settlement time is reduced from two days to about ten minutes. The platform now connects 14,000 bank locations.
BLOCKCHAIN PLATFORMS: Tianshu BaaS, CCB Chain, BC Trade 2.0
KEY LEADER: Lei Xing, senior manager at CCB Financial Technology Company