Embracing The Blockchain Technology In China.

Embracing The Blockchain Technology In China.

2018-09-04 | Robin Williams

Embracing The Blockchain Technology In China.

As per a local news source ‘BiaNews’, the chairman of ICBC bank’ Central Bank Of China’ recently stated that the bank would definitely be focusing on the development of the blockchain technology related projects.

The ICBC bank is the largest bank in the China established back in year 1984 with around more than 530 Mln customers. The chairman of the bank ‘Yi Huiman’ recently aforesaid that the financial organisation will be moving to new innovations related to cloud computing, AI’Artificial Intelligence’, IOT and blockchain technology.

As per ‘BiaNews’, the bank can work on finding use cases for “smart banking,” that reportedly helps to boost service within the financial schemes and secure financial information that's shared with third parties.

While China is understood for its negative stance towards crypto currencies by introducing and implementing more strict rules on crypto related business in the country since Sept. 2017 however, the country has always embraced the advantages of blockchain, and is actively researching to develop and apply the technology in variety of different industries.

Last week, the Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group  recently jointly signed a partnership deed for a new blockchain based company, for “forestry economic development and industrial poverty alleviation.”

Last month, the communist party of China ‘CPC’ announced a primer on blockchain technology and its attainable implementations. By introducing book, the CPC reportedly aims to help government authorities in understanding the thought of distributed ledger technology (DLT) and take into account the advantages and challenges of adopting blockchain on a national scale.

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