World’s Largest Bank (ICBC) is “Focusing on Using Blockchain Technologies”
courtesy: China Daily HK
Blockchain technologies have revolutionized the way today’s society conceives business. The world of finance has been one of those that has benefited the most from this technological evolution, encouraging big players to think more and more about the moment in which they adopt the DLTs within their business scheme.
In the world of financial institutions, if there is any firm worth mentioning for having adopted blockchain technologies, it would undoubtedly be the Industrial and Commercial Bank of China. The ICBC is the largest bank in the world, with 4,009.26 Billion Dollars in total assets. Just to put things in perspective, that amount represents almost twice the total assets of JPMorgan Chase & Co. and 1200 Billion Dollars more than the total assets of MUFG, another major financial corporation using Ripple.
Having the most substantial amount of money in the world as a corporation, the business decisions tthat the ICBC takes have repercusions on a global scale. The number of financial transactions and international operations carried out by this giant easily exceeds those of any other major player in the world economy.
ICBC: Grasping The Application Scenarios for Blockchain Technologies
Last weekend, the Chinese news portal Bia News published an article noting that ICBC Chairman Yi Huiman commented that the Bank is currently focused on adopting blockchain technologies to improve its financial services. He also said that they are currently “grasping the application scenarios” in which DLTs could have better results than contemporary techniques.
According to the press release, the ICBC is working hard on the development of an electronic platform known as e-ICBC3.0. They are also investigating different ways of applying blockchain technologies to achieve a better information ecosystem.
Another area in which DLTs are playing an important role is the area of Research and Development:
“In the cloud computing, big data, artificial intelligence, blockchain, and Internet of Things, the bank has formed enterprise-level technical achievements that can be opened to the outside world.”
Finally, the third point on which they are working hard is the “construction of smart banking application scenarios.”
So far ICBC has not commented on how developed such projects are; however confirmation by a chairman provides enough credibility, given the tradition of secrecy that has characterized the world’s largest bank.