Practical Application Of Blockchain In Bank Trade Financing Business

In recent years,blockchain has become popular in many fields around the world.The government attaches great importance to the development of blockchain technology and pushes the application of blockchain to the level of national strategy.Especially in the field of trade finance,blockchain technology has great development potential.On October 9,2019,China Construction Bank took the lead in launching the"BCtrade2.0" blockchain trade finance platform among bank industry.By the end of 2020,the trading volume of the platform has exceeded 700 billion yuan,and there are 75 partners join in this platform.With the development of computer technology,the mode of trade finance has gradually changed from the traditional paper transaction to the electronic transaction.The current trade financing presents the trend of pooling,chain,electronic and transaction,but there are still some problems in the transaction process,such as low profitability,asymmetric information and KYC,which lead to the shortage of trade financing supply.As a distributed point-to-point data storage system,blockchain has the technical characteristics of tamper proof,smart contract,time stamp,transparent development and so on,which can solve the problem of insufficient supply of trade financing.This paper mainly studies the practical application of blockchain technology in the field of trade financing,taking the "BCtrade2.0" blockchain trade finance platform of China Construction Bank as the foothold,and analyzes the technical advantages of blockchain technology for trade financing.Based on the study of the current development status and trend of trade financing,this paper deeply analyzes the technical characteristics of blockchain,and explores the advantages of blockchain technology to trade financing in theory.At the same time,through the analysis of the case of "BCTrade2.0 blockchain trade finance platform" issued by China Construction Bank,combined with the current application practice background of China’s banking blockchain,this paper studies the practical application effect of blockchain technology in the process of trade financing,focusing on the practical effect of blockchain Forfaiting Business and blockchain international factoring business,And combined with the event study method to test the performance of CCB brought by the launch of the blockchain trade finance platform.Finally,we draw a conclusion:the application of blockchain in the field of trade financing can effectively improve the status of traditional business relying on telephone,fax and other offline operations,realize the whole process online operation of key links such as quotation inquiry,document transmission and debt transfer,reduce credit risk,and improve the speed and accuracy of bill information transmission,So as to greatly improve the efficiency of trade financing business and reduce business costs.