Large financial and technological companies in China are working to introduce distributed ledger technology into internal processes. Currently, there are about seventy of such institutions, including the country’s main financial regulator, the People’s Bank of China (PBoC).
The Industrial and Commercial Bank of China (ICBC) notes in its report that among the main areas where it is planned to use the blockchain are trade finance, supply chain management, and settlements. Already, major market players such as Baidu, Alibaba, Tencent and JD are developing their own applications based on innovative technology. According to an official document, banks and enterprises in China use blockchains to manage funds, control supply chains, issue securities and track customer loyalty programs.
We add, according to ICBC, at the end of last year, 120 financial projects based on the blockchain were registered.
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