A major Chinese bank has published the first-ever banking blockchain white paper showcasing the potential of blockchain tech in finance. The blockchain-based financial application white paper by The Industrial and Commercial Bank of China (ICBC) is grabbing eyeballs. It is rare to see white papers associated with blockchain technology being published by commercial sector banks.
As per a report in the Sina Finance, this is the first-ever white paper from the banking realm. The document studies the present challenges faced by the financial industry participants. It also compares the situation of Chinese blockchain finance developments with western counterparts.
Banking blockchain white paper to promote financial decentralization
The ICBC banking blockchain white paper explores how blockchain-powered applications are becoming common-place in the banking realm. The paper mentions that China boasts of 420 registered blockchain information and service providers.
ICBC is known to view the blockchain tech developments as positive for the country’s banking sector. Globally, the Chinese bank is the largest lender by assets. In the recent past, it has conducted extensive research on blockchain-based solutions of 5G technology, artificial intelligence, big data, and more. The banking blockchain white paper by ICBC bank shows the financial giant’s commitment to the blockchain sector.
ICBC leading the global financial blockchain transformation
As per a report, ICBC bank is currently using a blockchain-powered solution for transaction tracking. It has built this enterprise-level solution to withstand operational stresses during the pandemic. Interestingly, the solution is being integrated into the Chinese Red Cross Society based in Guangxi to streamline relief efforts if needed. The bank plans to integrate it with more charity organizations.
ICBC bank believes that blockchain technology has the potential to bring about huge positive change in various fields, including supply chain, payment settlements, financing, fund management, and even virtual assets. Chinese central bank is also rapidly developing a central bank digital currency.