The Industrial and Commercial Bank of China (ICBC) has released a white paper on blockchain technology applications in finance. According to Sina Finance, the paper is the first of its kind in the banking sector.

The paper analyzes the current financial sector pain points. And compares Chinese trends in the development of blockchain to those occurring overseas. Also, It emphasizes that finance is the field most commonly explored for blockchain-powered applications:

“There are 420 blockchain information and services providers registered in China. There are 72 firms offering blockchain-based financial services, 17 percent of the total. And they have registered 120 types of financial services.”

Going Forward as expected

Since 2016, ICBC, the world’s largest asset lender, has been studying. And developing the integration of blockchains with big data, artificial intelligence, the internet of things and 5G technology.

The bank has already developed an enterprise-level blockchain platform. And started services to monitor transactions during the pandemic according to the report. These services now incorporated into the Guangxi Branch of China’s Red Cross Society and the Zhuhai Charity Federation. It’ll also be launched in the near future to other Chinese charities.

The bank also assumes that blockchain technology can help change sectors. Including supply chain finance, trading finance, fund management, payment management, payment settlement, and digital assets.

China’s central bank has already taken the lead globally in evaluating its CBDC in four cities.