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 (张文武), 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.