China’s CITIC bank brought together banks, economists and businesses in Beijing late last month for a seminar devoted to the impact of blockchain tech on financial services.

In total, more than 50 people attended the seminar according to the bank, including representatives of Minsheng Bank, China Everbright Bank, Hua Xia Bank, Prudential Bank and Sunshine Insurance Group, along with delegates from Air China, China Eastern Airlines and Shenzhen Airlines. Researchers from Beihang University were also present.

During the meeting, CITIC president Sun Deshun outlined the potential of blockchain to disrupt financial infrastructure across the country, explaining the competitive advantages which could be gained by institutions willing to adapt and respond quickly to advances in financial technology.

According to the organizers, the hope is that bringing together industry leaders will accelerate the adoption of blockchain technology across a variety of sectors, and increase cooperation between the science, finance and aviation industries.

Citic Bank image via Shutterstock