Bank of China industrial and commercial to embrace Blockchain technology

The president of the Industrial and Commercial Bank of China (ICBC) said that the bank will focus on the development of blockchain technology, BiaNews reported on September 1

Founded in 1984, the ICBC would be the bank largest in China with over 5,000 companies and 530 million personal customers. In 2017, the bank focused on building "smart banks" and "accelerated implementation in the field of financial technologies".

ICBC President Yi Huiman said the financial institution will focus on innovations in cloud computing, big data, artificial intelligence (AI), blockchain and the Internet of Things (IoT).

According to BiaNews, the bank will work on the search for "smart banking" cases, which reportedly contributes to improving the service in the financial ecosystem and securing financial data shared with third parties.

While China is known for its negative position against digital currencies, tightening cryptography regulations since September 2017, the country has embraced the benefits of blockchain and is actively working to develop and apply the technology in various industries.

Last week, the Beichuan Qiang Autonomous County of Sichuan Province and the Sinfotek Group of Beijing established a new blockchain company, for "forest economic development and alleviation of industrial poverty".

In early August, the Chinese Communist Party (CPC) published a primer on blockchain technology and its possible applications. Introducing the book, the CPC aims to help government authorities understand the concept of distributed ledger technology (DLT) and consider the benefits and challenges of adopting blockchain nationwide.

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