Blockchain in China's Financial Industry
To create a list of 10 (total) blockchain developments and use cases as relevant to the Chinese financial market. These developments or use cases should be new/emerging within the past year.
- In December 2019, the Bank of China used blockchain to issue $2.8 billion worth of special financial bonds given to small businesses.
- Furthermore, the People's Bank of China is working to launch a digital token, the first real-world test of this was expected to be conducted by the end of 2019. The test will be used for digital currency payments for major economic players, such as China Telecom.
- According to insights published by Reuters, "Chinese banks are hiring blockchain experts as the government pushes use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector. Lenders have struggled for years with outdated and disparate technology. While four Chinese banks rank among the world’s five largest by capital, many still use paper, faxes and traditional chop stamps to verify documents.
Now, spurred by regulators, they are looking to use blockchain to leapfrog a generation of technology and clean up the system, bankers and blockchain experts say."
- "More than 70 financial services firms in China, including every state-owned bank and the biggest tech companies, are deploying blockchain-based financial applications."
- "[The Commercial Bank of China] itself has built a cross-border trade settlement platform between China and Europe that uses distributed ledger technology and smart contracts to authenticate and sync shipping information shared by companies, warehouses, customs, banks, and government agencies."
Results of Initial Research
- Based on the initial research, there appears to be a wealth of information available reagrding blockchain development and use cases within China's financial sector, which has been taking place within the past year.
- Additional research can be conducted to compile a report about 10 blockchain developments/use cases, some of which that may dive deeper into or build upon some of the insights already found.
- During this initial research, our team also noted that there is a lot of available information which may be useful in building case studies about how various financial services companies in China are using or planning to use blockchain.
Proposed next steps:
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