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China’s Largest Bank Now On Blockchain Bandwagon

China’s Largest Bank Now On Blockchain Bandwagon

The Industrial and Commercial Bank of China (ICBC) will be investing in blockchain technology. This is according to the Chairman of the bank, Yi Huiman. The information was first reported by BiaNews this week.

ICBC Invests in Blockchain Technology

ICBC, the largest bank in China, is looking to enter the blockchain world with upcoming strategic initiatives. The main intention is to work and embrace different innovative technologies such as artificial intelligence (AI), blockchain and Internet of Things (IoT).

ICBC, founded in 1984, has over 5,000 corporate and 530 million personal customers.

As per Chairman Huiman, the bank will be focusing on issues related to ‘smart banking’ and improve the service in the financial ecosystem. The bank aims to secure shared financial data with third parties.

China has been in the news due to its hard stance towards virtual currencies such as Bitcoin. In 2017, the country has tightened its regulations, briefly sending Bitcoin prices down. However, this does not mean that China has not embraced blockchain technology. Indeed, the Asian country is an active member of the blockchain market.

The Chinese president himself has supported blockchain technology in several occasions.

He said about the technology:

“A new round of scientific and industrial revolution is reconstructing the global innovation map and reshaping the global economic structure.”

The new governor of the People’s Bank of China, has also shown his support to Bitcoin. He called it ‘inspiring’ or ‘enlightening.’

ICBC is not the first bank working with blockchain technology and investing in new technologies. Indeed, JPMorgan has already created its own blockchain network known as Quorum. BBVA, an important Spanish bank, has also invested in distributed ledger technology (DLT).

An Argentinian bank has started to send and receive transactions using Bitcoin to reduce costs and transaction times.

ICBC joins a long list of blockchain-interested financial institutions; showing a growing intrigue with this new technology.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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