ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

Chinese Bank Uses Blockchain to Deploy Letters Of Credit




CITIC Bank has announced it is using blockchain for settlement of credit.

On July 27, 2017, Chinese CITIC Bank announced that it has established a system for the settlement of credit that uses an electronic transmission network backed by blockchain technology. The transmission network, referred as BCLC, improves the efficiency of credit operations by transmitting messages within seconds. Reports from Beijing indicate that this is the “first time the domestic banking sector block technology will be applied to the settlement of credit” and it is optimizing the traditional banking business model for a number of elements, such as opening letters of credit, pay orders, and acceptance messages.

BCLC uses blockchain technology combined with international business systems to connect buyers with banks on the network to complete tasks such as issuing, notifying, accepting, and paying with full transparency. By following each node, both buyers and sellers can track the letter of credit traffic and avoid mishaps like errors and fraud. Ultimately, the bank seeks to improve the user experience and optimize banking operations.

In October 2016, CITIC bank president Sun De-shun proposed that in order to accelerate practical application of blockchain technology, it was necessary to create an alliance between Chinese banks. As a result, CITIC partnered with Minsheng Bank to launch China’s first blockchain enabled credit application. In addition, the two agreed to institute common principles of cooperation, definitions of technical terms, overall standards, confidentiality, and legal provisions for blockchain technology.

As of July 21, 2017, CITIC Bank had utilized BCLC to administrate real domestic letter of credit business and trading volume of more than 100 million yuan. CITIC bank states that it will further improve the function of its blockchain-based system and expand the scope of blockchain applications by bolstering research into burgeoning technology.

Quote translated using Google Translate.

Dan Cummings

Dan is a Los Angeles-based musician, writer, and veteran passionate about science and technology, current events, human rights, economic impacts, and strategic calculus.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest CITIC Bank, BCLC or other Ethereum business and finance news.