eGov Magazine

China’s largest bank embraces blockchain

The Industrial and Commercial Bank of China (ICBC) will implement blockchain technology in a big way.

The bank has decided to use it for smart banking services and to secure financial data.

Started in 1984, ICBC has a network of over 5,000 corporate and 530 million personal customers.

Since last year, the bank has started working on “intelligent banking” and “accelerated deployment in the field of financial technologies.”

ICBC is also actively building its  cloud computing, big data, artificial intelligence, blockchain and Internet of Things.

China is looking forward to utilise these new technologies in every sphere of life.

The Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group have jointly set up a new blockchain company.

This month,  the Communist Party of China (CPC) has released a document on blockchain technology and its possible applications. The CPC wants to help government authorities in understanding the concept of distributed ledger technology (DLT) and consider the benefits and challenges of adopting blockchain on a national scale.