Alibaba, Baidu and four Chinese state banks are developing blockchain apps
More than 70 financial services companies in China, including the largest technology companies and each of the four state-owned banks are implementing financial applications on a blockchain, according to the white paper of Industrial and Commercial Bank of China (ICBC), The Block reports.
An official ICBC document states that Chinese banks will use distributed ledger technology to record digital accounts, make payments and other purposes. The white paper states that blockchain will also be used by Baidu, Alibaba, Tencent and JD to develop their own financial services applications.
According to the document, ICBC has already established a platform for cross-border trade settlements between China and Europe based on a distributed ledger. This solution will support smart contracts and allow synchronisation of information provided by companies, custom services, banks and government agencies. A total of 420 firms with implemented blockchain are listed in white paper, 17% of which are in the financial sector.
China Star Market reported on April 16 that Suzhou government officials will be the first to have access to the national cryptocurrency of the central bank of China. The digital coin will be released in May and will be used for paying 50% of transport subsidies. Digital asset will be issued by four state banks, including ICBC.