ICBC: Most major banks in China have already switched to blockchain
More than 70 financial institutions in China, including state banks and major tech companies, are already using blockchain-based applications. The Block writes about this with reference to the “white paper” of the Industrial and Commercial Bank of China (ICBC), which is one of the largest state-owned banks in the country..
According to the text of the document, Chinese banks plan to use blockchain in areas such as trade finance, supply chain management, settlement, digital accounts, etc..
China’s four largest tech companies – Baidu, Alibaba, Tencent and JD – are working on their own blockchain-based financial services. Access to most of these solutions is controlled by the creators, as opposed to public blockchains of cryptocurrencies.
The document also provides examples of specific use cases for the technology. For example, ICBC itself has created a platform for cross-border trade settlements between China and Europe and uses smart contracts to authenticate and synchronize supply information between companies, warehouses, banks, customs authorities and other government departments..
As noted by ICBC, banks and entrepreneurs in China are using blockchain to manage assets and supply chains, issue securities and track customer loyalty points..
Earlier it became known that the digital currency of the People’s Bank of China may be used at the Winter Olympics in Beijing in 2022.
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