The Industrial and Commercial Bank of China (ICBC) has published a white paper on blockchain technology applications in financial sector.
It is the first time such a document has been published for the banking sector.
The paper scrutinizes the prevailing difficult points in the financial industry, and equates the scenario in China’s blockchain development industry with those happening abroad.
It highlighted that finance takes the top spot for blockchain based applications:
“There are 420 blockchain information and services providers registered in China. There are 72 firms offering blockchain-based financial services, 17 percent of the total, and they have registered 120 types of financial services.”
The world’s biggest lender in terms of assets, ICBC, has carried out research and studied the feasibility of embedding blockchains with big data, the internet of things, artificial intelligence and 5G technology in the past four years.
The bank has already developed an enterprise-level blockchain system and rolled out facilities to monitor trades during the Covid-19 epidemic.
Those features have been embedded into the Red Cross Society of China’s Guangxi Branch and the Zhuhai Charity Federation.
In the future, similar features will be introduced in other Chinese charities.
The bank also trusts that blockchain technology can assist in bringing out huge changes in sectors such as logistics, fund management, trade financing, payment administration, virtual assets, and payment settlement.
The central bank of China is already leading the world in trialing its CBDC in four major cities.
