China’s Trusted Blockchain Initiatives Launches Banking Sector Unit

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China’s leading blockchain organisation has launched a new sub-group to focus on the application of blockchain technology to the domestic banking sector.

On 14 July China’s Trusted Blockchain Initiatives (TBI) launched its “Banking Sector Unit” (可信区块链推进计划银行业组) in Beijing, in collaboration with the China Banking Association (CBA), the China Academy of Information and Communications Technology (CAICT) and multiple domestic Chinese banks.

The goal of the Banking Sector Unit is to “undertake research and standardisation of blockchain technology applications, with a focus on in-depth application in the banking sector,” as well as to “provide a platform for communication and cooperation between banking institutions on undertaking blockchain-related operations, and providing guidance and reference for such operations, as well as reduce related risk.”

TBI was founded by CAICT as the first blockchain organisation in China, with the goal of “promoting blockchain research and the implementation of industrial applications.”

He Baohong (何宝宏), head of CAICT’s cloud computing department, said that blockchain technology is currently entering a period of strategic opportunity, and that industry organisations are indispensable to applications and development.

“The Banking Sector Unit will nurture a grand ecosystem for banking sector blockchain applications, and enable blockchain technology to unearth even more value in the innovative development of banking operations in future,” said He.

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