A major Chinese bank bets on Blockchain. The Industrial and Commercial Bank of China (ICBC) has published a White Paper on the applications of technology in different areas of the financial system.
It is important to note that most banks in China belong in one way or another to the State. And a few months ago, Chinese Prime Minister Xi Jinping announced the massive adoption of the Asian giant in Blockchain technology.
China could be a power in Blockchain
This document analyzes the current weaknesses of the banking and financial world in China. And with this they try to compare the trends of the country with those that are taking place outside the great wall of China.
ICBC said that Chinese banks plan to massively use Blockchain in areas such as trade finance, supply chain management, settlement, digital invoices and other applications. The document reads:
“There are 420 registered Blockchain-based information and service providers in China. There are 72 companies offering Blockchain-based financial services, 17 percent of the total, have already registered 120 types of financial services. “
Four of China’s largest technology companies, Baidu, Alibaba, Tencent, and JD, are also working on their own Blockchain-based financial services applications.
The document also details some specific applications. For example, ICBC itself has built a cross-border trade settlement platform between China and Europe.
This important Chinese bank bets on Blockchain. Technology that uses blockchain networks, as well as Smart Contracts, to authenticate and synchronize shipping information shared by warehouse companies, customs, banks, and different types of government agencies.
Additionally, ICBC is the world’s largest asset lender. He has already done research and explored Blockchain integration with Big Data, Artificial Intelligence, IoT, and 5G technology since 2016.
Other ICBC contributions
ICBC launched a service that helps track every penny of money spent on fighting the Coronavirus. These services are now integrated into the Guangxi Branch of the Chinese Red Cross Society and the Zhuhai Charitable Federation. It will also be introduced to other Chinese charities in the near future.
This major Chinese bank also believes that Blockchain technology can help transform sectors such as credit granting, international trade, hedge funds, digital payments and finally, for cryptocurrencies.