Industrial And Commercial Bank Of China About To Embrace Blockchain Technology

Established in 1984, the ICBC is purportedly the biggest bank in China with more than 5,000 corporate and 530 million personal customers. In 2017, the bank concentrated on the development of “intelligent banking” and “accelerated deployment in the field of financial technologies.”

The ICBC Chairman Yi Huiman apparently said that the financial organization will center around developments in cloud computing, big data, artificial intelligence(AI), the blockchain, and the Internet of Things (IoT).

As indicated by BiaNews, the bank will deal with finding use cases for “smart banking,” which apparently enhances benefit in the financial ecosystem and secure financial data that is imparted to outsiders.

While China is known for its negative position towards digital currencies, fixing directions on crypto since September 2017, the nation has grasped the advantages of the blockchain and is currently attempting to create and apply the technology in different industries.

A week ago, the Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group mutually settled another blockchain company, for “forestry economic development and industrial poverty alleviation.”

In the start of August, the Communist Party of China (CPC) released an introduction on blockchain technology and its possible applications. By introduction the book, the CPC supposedly means to help government experts in understanding the idea of distributed ledger technology (DLT) and think about the advantages and difficulties of embracing blockchain on a national scale.