The Industrial and Commercial Bank of China (ICBC) believes that blockchain-based applications could help the financial sector of China in many ways. Recently, regarding it, the bank has <a href="https://finance.sina.com.cn/blockchain/roll/2020-04-21/doc-iircuyvh9018735.shtml" target="_blank" rel="noopener">published</a> a first white paper.

The white paper discusses the recent problem the financial sector is facing and also the development of blockchain industry in China with the industry across the world. According to the document, most of the blockchain-based applications explore more about finance.
<h2>ICBC Research </h2>
The white paper by ICBC further mentions, “There are 420 blockchain information and services providers registered in China”.

Further, it has been mentioned that the blockchain technology in finance has been offered by 72 firms and recently, they have registered around 120 types of services for the financial sector.

The blockchain technology would be integrated with different technologies like big data, artificial intelligence etc. and regarding it, ICBC, the world’s largest lender by the asset, has started its research.

A report states that the bank has developed and introduced a blockchain platform for enterprises so that it could trace the transactions.
<h2>China Starts Pilot Test For CBDC</h2>
It has been reported that soon different charity organizations in China could use the blockchain services. Presently it is being used by the Red Cross Society of China’s Guangxi Branch and the Zhuhai Charity Federation only.

ICBC has mentioned that different section of finance like supply chain finance, trade financing etc. could be transformed easily with the help of blockchain technology.

A report further that a few days ago, China had taken a lead in testing CBDC. The Bank of China, on April 19, 2020, stated that the pilot test of digital Yuan was being carried out in four cities of China i.e., Shenzen, Suzhou, Xiongan new area and Chengdu.

The bank clarified that it only started the pilot test, it did not launch the digital Yuan for the Chinese citizens. Additionally, it was stated that the pilot test of the country’s own CBDC would not affect commercial operations of the institutions listed by the bank. It would also not affect the issuance and circulation of RMB.

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ICBC Publishes First White Paper For Blockchain Technology In Finance

The Industrial and Commercial Bank of China (ICBC) recently, published the first white paper on blockchain technology application in finance.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

ICBC Publishes First White Paper For Blockchain Technology In Finance

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