China’s Industrial and Commercial Bank To Accept Blockchain Technology Through Partnerships

According to a press release on September 1, the chairman of the industrial and commercial bank of China (ICBC) said that the bank will embrace blockchain technology through new partnership.
ICBC is said to be the largest bank in China with more than 5,000 corporate and 530 million personal customers under its operation, provides financial services to the people of China. As the giant financial institution of China, ICBC considers new innovations to stir up developments and system operation in delivery its services to customers. Several initiatives have been projected to focus on innovations in cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT) according to ICBC chairman Yi Huiman.

Although China’s negative attitude towards embracing digital currencies is known, its urgency to pursuing blockchain-based technologies for the benefit of its various industries will well acknowledged.
Just until recently has Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group partnered to establish new blockchain company for fostering developmental scheme and “industrial poverty alleviation.”
Following China’s recent interests on blockchain technologies, the Communist Party of China (CPC), reported the possibility of incorporating blockchain technologies to most of its industries in order to facilitate government functions in embracing the benefits of the technology, earlier last month.