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Chinese Bank ICBC has published a document on the use of blockchain in the banking sector

Chinese Bank ICBC has published a document on the use of blockchain in the banking sector

The industrial and commercial Bank of China (ICBC) released a document on the use of blockchain in the banking sector and launched services to track transactions during the pandemic.

In the published
the document analyzes current problematic areas in the financial sector, compares the development of trends in the blockchain sector in China and abroad. In addition, Finance is the most frequently researched area for applications that use blockchain technology.

“There are 420 registered providers of blockchain-related information and services in China, including 72 companies offering financial services based on blockchain technology – 17% of the total number that have registered 120 types of financial services.”

Since 2016, ICBC has been conducting research and exploring the possibilities of integrating blockchain to work with large amounts of data, artificial intelligence (AI), the Internet of things (IoT) and 5G.

According to the report, the Bank has already created a blockchain platform for businesses and launched services to track transactions during the pandemic. These services are now integrated into the red cross Society of the Chinese branch of Guangxi and the Zhuhai charity Federation. Over time, these services will also be provided to other Chinese charities.

ICBC also believes that blockchain technology can help transform sectors such as supply chain Finance, international settlements, Fund management, payment management, payment settlement, and digital assets.