Industrial and Commercial Bank of China taps into blockchain tech

Tuesday 4 September 2018 14:39 CET | News

The Industrial and Commercial Bank of China (ICBC) has announced plans to develop services based on blockchain technology.

Founded in 1984, the ICBC is reportedly the largest bank in China with over 5,000 corporate and 530 million personal customers, according to CoinTelegraph. In 2017, the bank focused on the construction of “intelligent banking” and “accelerated deployment in the field of financial technologies.”

The financial institution aims to focus on innovations in cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT). Moreover, the bank will work on finding use cases for “smart banking,” which reportedly helps to improve service in the financial ecosystem and secure financial data that is shared with third parties.

Overall, despite China has tighten regulations on crypto since September 2017, the country has embraced the benefits of blockchain, and is actively working to develop and apply the technology in various industries.

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Keywords: Industrial and Commercial Bank of China, blockchain, cryptocurrency, IOT, banking, AI, China
Countries: World