About Half of China’s Banks Use Blockchain Applications

May 7, 2018

According to annual reports of officially registered Chinese banks, almost half of them enabled blockchain-based apps in their activity in 2017.

As the CEBNet publication says, annual reports of 12 out of 26 China's banks report to have used blockchain applications last year. Those mentioned include both private banks like China Merchants Bank and commercial banks with major share of stock held by the state: the country’s oldest Bank of China, China Construction Bank and Agriculture Bank of China.

The scope of application for blockchain apps varies from invoice issuance to granting loans to international clients and identification process. For instance Agriculture Bank of China has elaborated decentralized network on automatic issuing unsecured agriculture loans while China Construction Bank launched blockchain platform to grant interbank and international loans to minor companies. The volume of transactions processed by the platform in 2017 is reported to make $251 million.

Note that China is top blockchain user and it was this country to witness the largest number of applications filed for blockchain patents in 2017. Given all this the general attitude towards cryptocurrencies is pretty poor as People’s Bank of China claimed they are a threat to yuan.

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