12 Chinese Banking companies Adopted Blockchain Apps in 2017

Just about half of the 26 publicly outlined financial institutions in China claimed they have deployed blockchain purposes in 2017, according to a report.

Chinese banking industry information source CEBNet said Friday that, between the 26 Chinese financial institutions, 12 of them disclosed in their yearly filings that blockchain purposes ended up adopted for a variety of use scenarios above final calendar year.

The 12 establishments involve major point out-owned professional financial institutions these as the Lender of China, China Design Lender and the Agriculture Lender of China, as nicely as other privately held ones, including China Retailers Lender and other city-level entities.

The purposes that have been adopted vary from making use of blockchain know-how to issue invoices and cross-border financial loans to ID authentication processes.

For case in point, according to the yearly filing from the Agriculture Lender of China, the point out-owned entity has developed a decentralized network to offer unsecured financial loans for agricultural e-commerce merchants that it claimed provides an computerized mortgage issuance process.

In the same way, China Design Lender also disclosed in its financial statement that it has launched a blockchain-dependent system that delivers cross-lender and cross-border mortgage issuance for small enterprises. The lender even further features that the system has so much processed transactions that truly worth a full of 1.6 billion yuan, or $251 million.

Taking yet another approach, Lender of China claimed that it has concluded screening for a distributed IT infrastructure to be deployed throughout its branches for even further development of a blockchain-dependent digital wallet.

The banks’ en masse shift to adopt blockchain will come at a time when the country’s banking regulator has also praised the gain of implementing the know-how in the financial sector – particularly when it will come to enhancing the efficiency of mortgage issuance.

Modern patent purposes, as documented by Bit-coinTalk, also indicated that China’s point out-owned financial institutions have been exploring approaches to use blockchain know-how to fix info storage troubles and to streamline certificate authentication processes.

China Design Lender graphic through Shutterstock

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