Summary

Industrial and Commercial Bank of China releases a blockchain white paper

The Industrial and Commercial Bank of China releases a blockchain white paper. The white paper titled, ” Blockchain Financial Application Development White Paper”, outlines blockchain development in regards to finance as well as potential applications.

The Industrial and Commercial Bank of China (ICBC) has been active in blockchain development and technology since 2016. According to the paper, the ICBC has already developed a blockchain platform and utilizing it amid COVID-19. Furthermore, the bank is working with numerous charities amid COVID-19 to facilitate supplies and resources on the platform.

White Paper Highlights

The white paper is the first of its kind. With blockchain development increasing at a rapid rate and many developments focusing on the finance sector, financial institutions are laying the groundwork for further adoption.

There are about 420 information service companies with a total of 506 services. White paper

The Industrial and Commercial Bank of China’s white paper contains several notable points.

(1) Trust enhancement. The ability of blockchain information traceability makes the transaction letter in the business. White paper

Blockchain technology is immutable and transparent, and as a result, blockchain data cannot be altered or changed. Thus, blockchain data is generally more reliable and secure than traditional centralized data storage. As a result, utilizing a blockchain allows businesses to mitigate risk and enhance trust amid transactions.

China’s CBDC

The white paper makes sure to make note of China’s upcoming CBDC.

With the attention of all levels of the country, blockchain applications will become increasingly widespread White paper

The whitepaper comes as China nears the completion of a central bank digital currency (CBDC). China has taken the global lead in developing and bringing a CBDC to market with many countries only crafting rudimentary plans.

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