China Banks Adopting Blockchain

Submitted by editor on Fri, 05/04/2018 - 22:41

Chinese banks in the Republic of china have seen the light of day with half of them now adopting blockchain technology. There are 26 banks in China and 12 have already set up blockchain for various applications over the past year and the rest are set to follow.

These include the major commercial banks such as Bank of China, China Construction Bank and the Agriculture Bank of China as well as merchant banks.

The blockchain is being used for such applications as invoicing, cross-border loans and ID authentication. The Agriculture Bank of China has developed a decentralised network offering unsecured loans for agricultural needs as well as e-commerce merchants and general customers. The blockchain enables the bank to offer an automatic issuance procedure simplifying the administration for the banks and reducing costs.

The china Construction Bank is offering cross-bank and cross-border loan facilities for small businesses and claims that the blockchain platform has already processed 1.6 billion yuan ((32.5 billion) in transactions.

Then Bank of China has also announced they will be distributing information technology infrastructure later this year and will develop a blockchain digital wallet.

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