The bank has successfully executed over 100 real business transactions on the blockchain since the system went live in October 2016, according to the official release. The bank embarked on a two-month trial operation, during which it completed over 100 asset custody transactions involving buying and selling bonds. During the tests, the system demonstrated blockchains capability to help streamline the traditionally complex credit verification process and manage risk, helping financial institutions operate more securely and efficiently.
PSBCs blockchain solution enables the real-time sharing of information by multiple parties, eliminates repeated credit verifications, which reduces the operation process by about 60%-80% and helps make information exchanges more efficient. The immutability and encryption built into the blockchain ensures that account information remains secure while allowing the quick sharing of necessary information by transaction participants.
The bank has now officially launched the system which marks the first deployment of blockchain technology to asset custody in China’s financial industry, according to Econo Times.
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