Blockchain Best Suited to Deployment in Banking Sector: Former China Construction Bank Head

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The former head of one of China’s big four state-owned lenders has highlighted the potential of blockchain technology in the banking sector.

“It should be said that the area where blockchain has the best hope for deployment is banks,” said Wang Hongzhang (王洪章), former head of China Construction Bank (CCB). “This of course also includes other financial sectors.”

“A large number of blockchain technology companies hope to use blockchain technology to improve and service the customers of China Construction Bank.”

Wang made the remarks at the 2018 China Blockchain Application Research Centre Inaugural Conference (2018中国区块链应用研究中心首届年会) in Beijing.

At the same event Wei Yingning (魏迎宁), former vice-chair of the China Insurance Regulatory Commission (CIRC), said that in future blockchain could become as commonplace as online payments, online commerce and online car-sharing,

“What should reassure us is that Chinese research into blockchain applications is just about in step with the rest of the world, and occupies a leading position,” said Wei.

“[China] already actively participates in the formulation of international regulations, and we also possess considerable influence.”

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