Almost 50% of Chinese Banks Used Blockchain in 2017

chinese banks used blockchain 2017

Almost 50% of Chinese banks used blockchain in 2017, according to a CEBNet release published on May 4.

12 of the 26 Chinese banks including Sanjiacheng City Commercial Bank, the Bank of China and the Construction Bank expressed they used the blockchain technology for different use cases during the past year.

The blockchain was principally used for cross-border transactions and billing services. There are also other banks that used the blockchain for security measures and identity protection.

Another interesting use case of the blockchain is for loan information.

China has been very active recently with blockchain technology as it was the country that had the most blockchain patents in 2017.

At the end of March, a Chinese firm said it was using the blockchain technology for identity and supply-chain tracking.

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