Most Chinese banks are already using blockchain in their activities

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Most Chinese banks are already using blockchain in their activities

According to the Industrial and Commercial Bank of China, most of the country’s banks and major technology companies have implemented blockchain in their products..

According to the report, 72 financial institutions have already reported to the government that they are providing services based on distributed ledger technologies. All state-owned banks and most private ones have integrated blockchain. They mainly use it in trade finance, supply chain management, settlement and digital accounts..

In total, 420 companies have already officially implemented blockchain in China, including such giants as Alibaba, Tencent, Baidu, and JD. Large tech firms also develop their own applications in the field of finance based on a distributed ledger, but mainly use it to ensure the security of systems..

Most Chinese banks are already using blockchain in their activities

In the report PKBC said that Chinese banks and businesses also use blockchain to manage funds, issue securities and control loyalty systems.

Not only the Celestial Empire stimulates the development of this technology. Recently the South Korean government stated that now «Golden time» for blockchain development.

text: Ivan Malichenko, photo: Financial Times