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

The document analyzes the current pain points in the financial sector, and compares Chinese trends in blockchain evolution to those taking place overseas. Information technology pointed out that finance is the about commonly explored expanse for blockchain-powered applications:

"There are 420 blockchain data and services providers registered in Cathay. At that place are 72 firms offering blockchain-based financial services, 17 percent of the total, and they have registered 120 types of fiscal services."

Moving forward as planned

ICBC, the globe's largest lender by assets, has conducted inquiry and explored integrating blockchains with large data, artificial intelligence, the internet of things, and 5G engineering since 2022.

Co-ordinate to the written report, the banking concern has already created an enterprise-level blockchain platform and launched services to track transactions during the pandemic. Those services are at present integrated into the Cherry Cross Social club of China's Guangxi Branch and the Zhuhai Charity Federation. Information technology volition also exist introduced to other Chinese charities in the about future.

The bank also believes that blockchain applied science tin can help transform sectors such every bit supply chain finance, trade financing, fund management, payment management, payment settlement and digital assets.

As Cointelegraph previously reported, the key bank of China already took the global lead in testing its CBDC in four cities.