Transaction Problems Solved By Blockchain
Recently, Bank of China successfully completed the US dollar remittance between customers in Hebei Xiong’an and Seoul, South Korea through the blockchain cross-border payment system. This is the first international remittance business completed by domestic commercial banks using self-developed blockchain payment system.
Bank of China has made new breakthroughs in the construction of international payment systems after launching the “Bank of China Global Intelligence”--- international payment innovation products last year. The success of this cross-border remittance also shows that blockchain technology is in the bank’s international payment and clearing business.
The global economy now requires more and more cross-border payment scenarios, such as traveling abroad, studying, overseas shopping, etc., but cross-border payment faces high fees, complicated transaction process, and long collection time.
The emergence of blockchain technology solves the problems encountered in traditional cross-border payment. The blockchain cross-border payment system realizes the cross-border remittance completes at seconds, the transaction information sharing at any time, the transaction process tracking in real time etc.
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