Commercial Bank of China To Embrace Blockchain Technology

The Chairman of the Industrial and Commercial Bank of China (ICBC) has said that the bank will focus on blockchain technology development, BiaNews reported September 1.

Founded in 1984, the ICBC is reportedly the largest bank in China with over 5,000 corporate and 530 million personal customers. In 2017, the bank focused on the construction of “intelligent banking” and “accelerated deployment in the field of financial technologies.”

The ICBC Chairman Yi Huiman reportedly said that the financial institution will focus on innovations in cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT).

According to BiaNews, the bank will work on finding use cases for “smart banking,” which reportedly helps to improve service in the financial ecosystem and secure financial data that is shared with third parties.

While China is known for its negative stance towards digital currencies, tightening regulations on crypto since September 2017, the country has embraced the benefits of blockchain, and is actively working to develop and apply the technology in various industries.

Last week, the Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group jointly established a new blockchain company, for “forestry economic development and industrial poverty alleviation.”

In the beginning of August, the Communist Party of China (CPC) released a primer on blockchain technology and its possible applications. By introducing the book, the CPC reportedly aims to assist government authorities in understanding the concept of distributed ledger technology (DLT) and consider the benefits and challenges of adopting blockchain on a national scale.