The largest banks of China tested the blockchain-a platform for the transfer of assets

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The largest banks of China tested the blockchain-a platform for the transfer of assets

The largest Chinese banks successfully tested the blockchain— a platform for solving issues related to the transfer of assets between different institutions.

It clarifies Sarsar, testing platform Ping Tai participated banks Bank of China, China CITIC Bank and China Minsheng Bank. They’ve made six transactions on this site and confirmed its performance.

The developers of the platform said that the new product will allow to reduce the energy consumption of banks and get rid of numerous intermediaries. All transactions for the registration and transfer of the assets between the parties can now implement real-time and with minimal costs.

The launch platform could be the first step on the path of transition of banks of China to the new format of operations with various assets.

Interest in blockchain technology in China is growing, despite the ban on cryptocurrency transactions.

By the end of this year, blockchain— laboratory, operating under the auspices of the Ministry of industry and information technology of the country, plans to issue standards for the use of technology of the distributed registry. They can be used for the development and subsequent introduction of intellectual products in areas of business and public administration.

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