12 Chinese Banks Stated They Deployed Blockchain in 2017

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Almost 50% of the 26 publicly recorded banks in China stated that they deployed blockchain applications in 2017, as per a report.

Friday CEBNet stated that 12 among the 26 Chinese banks unveiled in their yearly filings that blockchain applications were received for different utilize cases in the course of last year.

The 12 establishments incorporate real state-claimed business banks, for example, the Bank of China, China Construction Bank and the Agriculture Bank of China, and additionally other secretly held ones, including China Merchants Bank and other city-level substances.

The applications that have been adopted extend from utilizing blockchain technology to issue invoices and cross-border loans to ID confirmation forms.

China Construction Bank additionally unveiled in its financial proclamation that it has propelled a blockchain-based stage that gives cross-bank and cross-border loan issuance for small businesses.The bank additionally gloats that the stage has so far prepared exchanges that value a sum of 1.6 billion yuan, or $251 million.

Bank of China stated that it has finished testing for a conveyed IT framework to be sent over its branches for development of a blockchain-based digital wallet.

Late patent applications, as detailed by CoinDesk, likewise showed that China’s state-possessed banks have been investigating approaches to utilize blockchain technology to fathom data stockpiling issues and to streamline testament authentication processes.