The China Construction Bank (CCB) has reportedly rolled out the updated version of its blockchain trading tool – which has achieved the 360 billion yuan ($50 billion) benchmark, in cumulative transaction volume.

Reported by the Xinhua on October 9, CCB – top 4 in the banking industry in the nation, as ranked by the People’s Republic of China – has publicly made the update – dubbed “BCTrade 2.0,” – available. 

“BCTrade 2.0,” works as a trade finance platform, powered by blockchain, which provides digitalization for the trading process and financial services, via 54 recorded on-and-offshore CCB branches, together with 40 other associated establishments, including numerous state-owned and foreign banks.

The platform was designed to facilitate transactions and finance-focused activities, nominally accounts receivable and trade financing. The platform also has a goal to establish a regulatory structure for trade finance, in order to ensure real-time supervision for a wide array of financial activities. 

Ji Zhihong – Deputy governor of the Construction Bank – claimed the bank will run promotions for the bank and will send out invitations to get more industry peers on board.