Bank of China Will Increase Blockchain, Fintech, AI And IoT Investments
For the purpose of clarity, The Bank of China is commercially run, and in no way associated with the People' Bank of China. Regarding the Bank of China, they have made new investments into researching & development of fintech innovations.
Liu Qiuwan, the banks CIO reported on new plans made for them to invest a more significant amount of resources into fintech and blockchain technology. He announced the new ideas at a recent banking conference held in the country. Another area the bank is interested in is the Internet of Things.
They are prepared to invest as much as 1% of their annual income into researching the new tech areas. Last year alone, the total revenue for the bank was upwards of $70.9 trillion.
Along with the new R&D program, they are building three new tech platforms, each designed to handle a specific need. By following the supply & demand of the marketplace, they will focus on big data, cloud computing, and artificial intelligence.
The Bank of China is using blockchain technology to operate each of the three areas as well as a dozen or more other projects yet to be revealed. Most likely, the new plans will revolve around banking services, but there is the talk of cryptocurrency on the list of areas to integrate into the bank. Payment processing is also one of the speculative regions people anticipate they will improve with blockchain technology.
They currently hold eleven different patent applications for blockchain technology, making them at the number 20 spot for global business and number one for domestic banking. Patents held are mostly for specific problems that need to solve like storage issues, tracking, and security.