In 2017, 12 Chinese banks have implemented the blockchain

Almost half of the state banks of China confirmed the fact of use in its processes of technology of the blockchain in 2017, reports a local source CEBNet.

According to the annual report 12 of 26 Chinese banks, including the people’s Bank of China (PBOC), Chinese construction and Agricultural banks, and China Merchants Bank, have used the technology in different applications – from issuing invoices and international loans to processes of authentication, identification numbers (ID).

So, Selkhozbank automated the process of issuing credits through the decentralized network by which provides unsecured loans to agricultural traders.

China construction Bank has launched a blockchain-based platform, which provides the results of the interbank and international loans for small business. The platform has processed transactions for a total amount of 1.6 billion yuan (251 million dollars).

The NBK has completed testing of a distributed it infrastructure that will be deployed on all its branches for the further development of digital wallet based on the blockchain.

The mass transition of banks to the adoption of the blockchain comes at a time when the banking regulator of the country also appreciate the benefits of its application in the financial sector, particularly with regard to improving the effectiveness of the loans.

Recent patent filings also indicate that state-owned banks in China are exploring ways of using the blockchain to solve problems of data storage and the optimization of the processes of authentication using certificates.

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