Worlds Largest Asset Lender, ICBC, Reveals Whitepaper for Blockchain’s Value in Banking
Innovations within the blockchain are now more industry-oriented as entities in different sectors seek to leverage emerging tech. Following this progress, the Industrial and Commercial bank of China (ICBC) recently released a whitepaper focusing on blockchain’s integration with finance. This move is a major boost to the growth and adoption of blockchain tech given the bank’s position as the largest asset lender globally.
Sina Finance, which first reported on this development, has since recognized the whitepaper by ICBC as premier of its kind within the banking ecosystem. The publication gives a comprehensive outlook of China’s financial sector challenges that can be addressed through blockchain integration. It further highlights the country’s position in blockchain activity compared to overseas projects within the same niche. Notably, most of the blockchain development in China is currently focused on tech solutions for existing financial services,
“There are 420 blockchain information and services providers registered in China. There are 72 firms offering blockchain-based financial services, 17 percent of the total, and they have registered 120 types of financial services.”
The ICBC is optimistic that its ongoing research will help the bank combine blockchain with other emerging techs such as IoT, 5G, Artificial Intelligence, and Big Data for more efficiency. So far, ICBC has pioneered an enterprise-level blockchain that is already adding value to the fight against COVID-19. The platform has been integrated with the Zhuhai Charity Federation and China’s Red Cross society branch in Guangxi to track funds meant for the pandemic. Apart from the financial ecosystem, ICBC echoed that blockchain tech can spur growth in supply chain networks and digital assets.
This development by ICBC coincides with the ongoing works in a digital yuan integration for China’s economy. Another large bank within the country’s jurisdiction, Agricultural Bank of China, recently pioneered a beta test in four cities as they prepare to roll out a PBoC regulated digital asset.