The Industrial and Commercial Bank of China (ICBC) has stated that it would like to improve the existing activities by introducing the new age technology – Blockchain. The Chairman of the bank is more inclined to focus on the blockchain technology as reported by BiaNews on 1st September.
The Industrial and Commercial Bank of China founded in 1984 considered to be one of the largest banks in the country with the customer base sprawling 5,000 corporate and 530 million are personal. The bank started building ‘accelerated deployment in the field of financial technology’ and ‘intelligent banking’ in 2017.
With this, Yi Huiman, the ICBC Chairman said that the financial institution is more inclined towards the innovations in cloud computing, artificial intelligence (AI), big data, Internet of Things (IoT) and most importantly blockchain technology. As per the valid report from BiaNews, the bank is actively exploring the use of specific case for ‘Smart Banking’ which in turn improves services in the entire ecosystem of the financial institution and secure financial data that can be shared with third parties.
Since 2017, with the strictest policies in place towards the digital currencies by banning crypto related transactions, the country focuses to reap the enormous benefits that the blockchain technology has in place. Besides this, the country is actively exploring numerous ways through which the application of the blockchain technology used in various industries in China.
Recently, the Beichuan Quang Autonomous County of Sichuan Province in partnership with Sinfotek Group created and introduced a new blockchain company that works for forestry economic development and industrial poverty alleviation. In August this year, the Communist Party of China (CPC) official announced the likely benefits and applications of blockchain technology by introducing the book. With this, CPC claims that it will assist government authorities by explaining the whole concept – Distributed Ledger Technology (DLT) and the likely benefits and challenges by incorporating the blockchain technology.
Let us not forget that even after imposing certain restrictions on cryptocurrencies trading, China is amongst the early adopters that reaps the benefits the new age technology – Blockchain!!