The largest Bank of China is betting on the blockchain

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The largest Bank of China is betting on the blockchain

The Chairman of the Industrial and commercial Bank of China (ICBC) stated that the credit institution will focus on the introduction of blockchain technology, writes BiaNews.

It is the largest Bank in China with more than 5,000 corporate and 530 million individual customers. In 2017, he focused on intelligent banking services and accelerated implementation of financial technology.

The President of ICBC Yi Hyman said the Bank will focus on innovation in cloud computing, big data, artificial intelligence (AI), the blockchain and the Internet of things (IoT). The organization seeks to implement “smart banking service”, which will improve the financial ecosystem and to protect the financial data provided by third parties.

It should be noted that China adopt a rigid policy in respect of digital currencies a year ago, now tends to encompass all the benefits of blockchain technology and actively apply it in a variety of industries.

Last week one of the Autonomous regions of Sichuan province and Beijing Sinfotek Group established a joint blockchain company with the goal of “economic forestry”.

In early August, the Communist party of China (CPC) has released a tutorial on blockchain and its possible applications, thus striving to help the state authorities in understanding the concept of a distributed registry technology (DLT).

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