A Chinese Bank has announced its plan to start utilizing the blockchain technology. Industrial and Commercial Bank of China (ICBC) revealed that it plans to embrace the technology in a big manner. Its plans were made public by the bank’s chairman.

The Chinese bank which was started in 1984, is currently the biggest bank in the region. ICBC boasts more than 5,000 corporate customers as well as 530 million personal clients. Last year the bank concentrated on the developing intelligent banking. It also enhanced the distribution of the said innovation in the financial technologies’ sector.

Chinese Bank’s various uses of the technology

Meanwhile, ICBC intends to utilize blockchain technology to safeguard its financial data that is often shared with third parties. Also, it will use it to enhance services in the financial field through smart banking. According to Chairman, Yi Huiman, the bank will concentrate on cloud computing innovations. Moreover, the Chinese institution will focus on Artificial Intelligence (AI), the blockchain, big data and Internet of Things (IoT).

Even though China is not very fond of cryptocurrencies, it has been strengthening its regulations commencing September 2017. Consequently, the country has been slowly adopting the blockchain technology, hence benefiting from it. The technology has been created and utilized across various sectors.

Banking industry

Subsequently, the banking industry has also not been left behind. A financial news outlet based in China reported that several Chinese banks had adopted the technology. In a bid to enhance services, almost half of the public listed banks in the country had embraced blockchain.

As a result, the 12 banks have witnessed an outstanding growth in their various banking operations. Agricultural Bank of China, Bank of China, China Merchant Bank and Guiyang Bank have since implemented the technology. Others include Sanjiacheng City Commercial Bank, Construction Bank of China and five other joint stock banks.

Most of these banks are using blockchain for cross-border billing and businesses. Others are using it to secure the identity of users and safeguarding loan data.

Meanwhile, Beichuan Qiang Autonomous County has partnered with Beijing Sinfotek Group to build a new blockchain firm. It will be used for economic development of forests and for industrial poverty reduction.