The world’s largest lender shared some of its thoughts on blockchain.
The Cointelegraph reports that the Industrial and Commercial Bank of China, popularly known as the ICBC, has unveiled a white paper on blockchain applications for the financial sector.
The paper, called a “first of its kind” by Sina Finance, examines pain points in the financial industry and contrasts trends in the Chinese blockchain space against those overseas. Finance, it says, is the most frequently prospected field for blockchain-fueled applications.
This isn’t the first time the ICBC dipped its toes into the blockchain, as the publication notes, the bank has researched “and explored integrating blockchains with big data, artificial intelligence, the internet of things, and 5G technology since 2016.”
The bank also believes that blockchain technology can help transform sectors such as supply chain finance, trade financing, fund management, payment management, payment settlement and digital assets.
Photo: Adrian Grycuk