The Industrial and Commercial Bank of China (ICBC) is the largest bank in China and a contender for one of the largest banks in the world. A colossal figure in the world of global banking, it is reported that they are moving towards blockchain technology adoption in their processes.
Chairman, Yi Huiman said in a statement that they would be focussing on innovations in blockchain, big data, AI, IoT, and cloud computing amongst others. The bank has over 5000 corporate clients and 530 million personal clients, their aim is to work towards “intelligent banking” with “accelerated deployment in the field of financial technologies”.
The bank intends to focus on creating valid use cases for “smart banking” which will help increase levels of service in the financial ecosystem as well as securing financial data and the way it is shared with third parties.
A tough stance on crypto
China is known for its tough rules on cryptocurrencies, but it seems that they superpower is not afraid of blockchain and the possibilities it presents. Various government departments and institutions are working towards developing and applying blockchain technology throughout various sectors.
Earlier in September, the Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group announced a collaboration that would create a new country for “forestry economic development and industrial poverty alleviation”.
A positive approach to blockchain
This news is a significant boost for the industry as China’s previously hesitant stance on the technology shows that as understanding is increased, adoption increases as well. Such a large financial institution adopting the technology means that many other banks are expected to follow suit in due course.
Whilst in-depth specifics about the project remain sparse, ICBC has the power to dramatically disrupt the financial world both in and outside of the digital currency space. If they were to fully adopt blockchain technology, it would signal a crucial shift towards long-term and mainstream integration of blockchain technology into everyday life.