China’s Largest Bank Embrace Blockchain

The ICBC (Industrial and Commercial Bank of China) have announced that they are putting their focus on developing blockchain technology. This is a huge development, when you consider China’s push to integrate the technology of blockchain into financial systems with the ICBC is the largest banking business in the country with over 500 personal customers and more than 5,000 corporate customers. The chairman of the bank, Yi Huiman has suggested that the ICBC will focus on an accelerated deployment in the field of financial technologies and intelligent banking, as it goes forward. This involves artificial intelligence, blockchain, cloud computing, Internet of Things and big data. The Chinese Government have made it known that they are all for blockchain technology, with comments made from those high in Government that there are plans to integrate it wherever they can. However, the commitment doesn’t just extend to digital currency, they also want to keep on publicly warn and prohibit at every corner. Last month, the Government released a guide titled ‘Blockchain – A guide for Officials’. This covers many of the aspects of blockchain technology, explaining it to Government officials. One chapter of the book, titled ‘From Internet Thinking to Blockchain Thinking’, the president of People’s Network, Ye Hao writes:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

Last week in the Sichuan province, a new blockchain company opened it’s doors and has been formed to target, “forestry economic development and industrial poverty alleviation.”