The Largest Bank Of China Accepts The Blockchain With Open Arms

The Industrial and Commercial Bank of China (ICBC) announced that it puts its emphasis on the development of Blockchain technology.  Today Blockchain technology enables the creation of decentralized currencies, self-executing digital contracts (smart contracts) and intelligent assets that can be controlled over the Internet (smart property).

This is a huge development, considering that China’s desire to integrate blockchain technology into financial systems with The Industrial and Commercial Bank of China (ICBC), which is the largest banking business in the country with more than 500 personal and more than 5,000 corporate customers.

First of all it has been indicated that Industrial and Commercial Bank of China (ICBC) will focus its attention on accelerated deployment in the field of financial technologies and intellectual banking services. This includes artificial intelligence, blocking, cloud computing, the Internet of things (the concept of the physical network of physical objects) and large data. The Chinese government reported that they are all related to blockchain technologies.

Last month, the government issued a manual called “Blockchain-a guide for officials.” This covers many aspects of blocking technology, explaining them to government officials.