Nearly half of the 26 publicly listed banks in China say they deployed blockchain applications in 2017, according to a report.
Chinese banking industry news source CEBNet said Friday that, among the 26 Chinese banks, 12 of them disclosed in their annual filings that blockchain applications were adopted for various use cases over the last year.
The 12 institutions include major state-owned commercial banks such as the Bank of China, China Construction Bank and the Agriculture Bank of China, as well as other privately held ones, including China Merchants Bank and other city-level entities.
The applications that have been adopted range from using blockchain technology to issue invoices and cross-border loans to ID authentication processes.
For example, according to the annual filing from the Agriculture Bank of China, the state-owned entity has developed a decentralized network to offer unsecured loans for agricultural e-commerce merchants that it said offers an automatic loan issuance process. Read More….
China Construction Bank image via Shutterstock