China’s state banks and major technology companies are already largely implementing blockchain technology, according to a white paper published by one of the country’s largest state banks

After the new one document of the China Industrial and Commercial Bank (ICBC)Blockchain technology has arrived in the areas of supply chain management and financing, among others China.

The information shows that this is currently the case more than 70 financial services companies, including state banks and technology companieswho are currently using blockchain technology. All in all 72 financial services companies You have registered with the Chinese government to implement blockchain-based applications.

They are detailed at work how Chinese banks and companies are implementing technology in their activities, mainly related to Fund management, supply chain control, issuance of securities and customer loyalty tracking, emphasizes the bank.

The Asian country apparently not only takes the lead in publishing its CBDCIt has also overtaken other forces in blockchain adoption. After this ICBCEnd of 2019 in China they have registered around 420 blockchain companies, 17% of them work in the financial sector and 120 blockchain-based financial services projectswere registered in the administration of cyberspace.

Blockchain applications

Baidu, Alibaba, Tencent and JD, the four largest technology companies in Chinawork on their own blockchain-based financial services applications, including in the case of Baidu and Tencentwill have management participation in the National Blockchain Committee of the country.

On the other hand, the ICBC It has also built a trading platform between China and Europe, in which Use of distributed accounting technology and direct contracts with which the information can be authenticated and synchronized shared shipping by Companies, warehouses, customs, banks and agencies Government.

It is expected later this week, China Launch the national blockchain platform internationally to develop technology-related applications such as we report recently.

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