China's ICBC Shares Plans to Utilize Blockchain For Smart Banking Benefits

Industrial and Commercial Bank of China Will Embrace the Blockchain

The Chairman of the Industrial and Commercial Bank of China recently said that the bank would focus on blockchain technology development. The bank was founded in 1984 and is reportedly the biggest bank in China. It has over 5000 corporate clients and about 530 million personal accounts. In 2017, the bank focused on the construction of intelligent banking and the deployment in the field of financial technologies.

What the Chairman Had to Say

The Chairman of the ICBC Yi Huiman said that the institution would focus on innovation in big data, cloud computing, artificial intelligence, the blockchain and the internet of Things. According to a report in BiaNews, the bank would work to find use cases for smart banking. This development would help the bank improve services in its financial ecosystem. As a result, this would help it secure the financial data that it shares with third parties.

The Chairman also said that the ban would focus on the use of results from seven central innovation labs to accomplish its goal of improving service. The bank has created various enterprise-level technical achievements in multiple fields. They now feel that these technological innovations are ready for the masses. The bank also plans to construct several smart banking app scenarios. It also plans to release an API to third parties in a secure manner.

China and Digital Currencies

China is known for having quite a negative stance towards digital coins. It has tightened regulation on crypto since September 2017. At first, Chinese authorities ignored crypto. However, when they noticed an uptick in crypto activity, they began to take harsh measures against crypto.

Some investors have continued to try to circumvent this by using P2P platforms after all exchanges got kicked out of China. The investors have also turned to OTC deals to get over the ban.

A popular trading platform LocalBitcoins saw a rise in traders when the ban became fully enforced. In September of 2017, they saw trading volumes of $17.8 million a week immediately after the ban.

China Has Embraced the Blockchain

Despite its crackdown on cryptocurrency, China has been quite open to the benefits of the blockchain. Various regional governments in China are working to develop and apply this technology to various industries.

Just a week ago, the Beichuan Qiang Autonomous County in Sichuan Province and the Beijing Sinfotek Group announced a partnership. In the agreement, they will establish a blockchain company for the alleviation of poverty and the economic development of the forestry industry in the county.

At the start of August, the Communist Party of China (CPC) released a primer on the blockchain technology and the possible applications within the county. By introducing this book, the CPC allegedly wants to assist government authorities to understand the concept of the distributed ledger technology (DLT). Thus, these governments can consider the challenges and benefits of the adoption of the blockchain on a national scale. The Chinese Ministry of Industry and IT recently listed a blockchain lab as one of its central labs for 2018.

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