China Construction Bank (Asia) Tests Blockchain Solution for Bancassurance

China Construction Bank (Asia) and IBM (NYSE: IBM) have announced the development of a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-enabled bancassurance project in Hong Kong. The solution is designed to streamline CCB (Asia)’s bancassurance via faster transaction processing time and increased transparency.

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Mr. Guo Zhipeng, Deputy Chief Executive of CCB (Asia), said, “As one of the most active global financial hubs, Hong Kong plays a key role in embracing fintech to drive further development of its banking and finance industries. CCB (Asia) is dedicated to offering a wide array of banking products and services to customers, and we strive to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term new technologies to bring more products, more choices and better experience to our customers. After the successful launch of this blockchain-enabled bancassurance project, we plan to extend our experience to other insurance partners in order to optimise our overall bancassurance business.”

“Blockchain enables businesses to transact with less friction and more trust. Working with local clients and partners across the insurance industry ecosystem, IBM helps businesses digitize transactions, bring a fundamental change in time and cost,” said Mr. Francis Ngai, general manager at IBM Hong Kong. “In working with CCB (Asia) and the partner insurers, we have seen how the technology is disrupting traditional business processes. This work sets a standard for local banking and financial institutions in the future.”

The developers say that the solution is now under testing with insurance providers and their clients and is expected to be available in the third quarter of this year. The IBM Blockchain Platform which underpins the project is based on the Linux Foundation's Hyperledger Fabric version 1.0.