The biggest bank of as­set in the world us­ing blockchain tech­nol­ogy in some provincies of China

China and the world’s biggest bank in terms of as­sets has high­lighted the de­ploy­ment of blockchain tech­nol­ogy in lo­ca­tions around the coun­try for the pur­pose of ex­pe­dit­ing op­er­a­tional ef­fi­ciency.

Zhang Wen­bin, vice-pres­i­dent of In­dus­trial and Com­mer­cial Bank of China (ICBC), said that its blockchain tech­nol­ogy was be­ing ap­plied in lo­ca­tions in­clud­ing the Xiong’an New Dis­trict, Nan­jing and Yun­nan.

These blockchain ap­pli­ca­tions cover ar­eas in­clud­ing com­pen­sa­tion for gov­ern­ment de­mo­li­tions and re­lo­ca­tions; so­cial wel­fare em­ploy­ment and char­i­ta­ble ini­tia­tives.

Zhang made the re­marks at the 2020 China In­ter­na­tional Fi­nance An­nual Fo­rum on 6 Sep­tem­ber in Bei­jing.

Zhang also high­lighted ICBC’s other fin­tech ini­tia­tives, in­clud­ing large-scale in­creases in op­er­a­tional pro­cess­ing ef­fi­ciency via the ap­pli­ca­tion of RPE tech­nol­ogy, and the in­cor­po­ra­tion of over one mil­lion ATM, POSS and cash box de­vices into its In­ter­net of Things plat­form.

Source: China Banking News

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