ICBC Launched Its First Blockchain Supply Chain Platform
China’s Industrial and Commercial Bank of China (ICBC), also the largest and most valuable bank in the world, has set up a Blockchain & Biometric Laboratory as a new sector of its Software Development Center. As one of ICBC’s financial innovative achievements, they launched version 1.0 of the first autonomous and controllable blockchain platform in the 4th quarter of 2017.
Science then, this platform has provided help for the anti-poverty projects of Guizhou province and the Gongyinju supply chain financial platform of ICBC, which shows ICBC is adapting quickly to the fintech revolution.
The platform is an enterprise-level blockchain product with features of high security, high performance, high convenience and extendibility. It provides an integrated mechanism of ‘smart contract and shared ledger’ to establish an inter system technical platform which may flatten the interactive level of various systems and increases efficiency.
The platform provides a reliable and efficient machine-level co-ownership mechanism to promote all parties to establish of a new type of co-construction, co-governance and win-win partnership. Based on this, the platform can provide a machine-level trust mechanism for both inter-industry and cross-industry cooperation. This platform has high potential for adoption in many areas such as supply chain finance, asset trading, certificate source tracking and regulatory audit.
ICBC’s supply chain financial platform builds a multi-dimension certification system of three parts includes system, node and transaction. It also supports the national encryption algorithm and mainstream international encryption algorithm. This platform provides all-round security protection to prevents exceeding access of confidential information.
The platform supports high concurrence transactions through Dual-Channel technology and it is the leading blockchain product in financial industry to help applications to handle the rapid growth of business volume .
The platform also allowed smart contracts in Java. Users can develop and launch their products in order to take advantage of gaining market share. The 2.0 vision of ICBC’s blockchain platform will based on a BaaS service technical platform to meet the needs of consortium blockchian users.