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FOCUS: ICBC implements Blockchain Technology
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ICBC implements Blockchain Technology

By Glenda Jarvis

BT 201905 FOCUS 02工商银行整合区块链技术




BT 201905 focus 01The biggest bank in the world is ICBC (Industrial and Commercial Bank of China) that is soon coming up with authenticate digital certificates to store data system. So, it needs a patent application that is filed by the bank with SIPO (State Intellectual Property Office), in order to implement China’s official patent registry and regulatory bodies. The industrial banks are ready to use blockchain technology after having patent filing to make better system and improve its effectiveness. However, the main benefit of distributed ledger is that it avoids repetition of files and multiple bank units, which helps in saving time and cost.

Blockchain technology is offering limitless benefits to its users. There are numerous ways in which this system can be used by the governments, banks, investors, and people that are adapting its benefits. Yet, the banks are distressed by centralized credibility system, in which international transactions are facing extremely slow and too costly system. Additionally, there are inflexibility and instability acts in the banking systems. Although, in some cases, bank staff and clients get annoyed due to various restrictions, laws, jurisdiction and rules. However, there is demand of innovative financial products in the Chinese market. Also, the banks have an eye on the blockchain technology and need to talk on several issues that appear in the outdated systems.

Further, China’s biggest bank is planning to implement blockchain technology, and thus, this bank of China is ICBC (the Industrial and Commercial Bank of China), willing to impose on its exchange and financial assets.

Blockchain Technology

Blockchain is the topic of the news in digital era. The demand is increasing due to its link with Bitcoin, in which one-unit bitcoin is floating from $15000 to $19000 in value that has shocked the planet. Besides this, the blockchain technology is far more than just bitcoin or allocation of digital currencies, such as NOAHCOIN.
BT 201905 FOCUS 03

The above infographic will answer a few of the questions to assist in better understanding the concept of blockchain. There are other uses of blockchain technology in different industries, such as finance and e-commerce. The other system is too slow and expensive when compared to the patent, and specifically when transactions are sent between interbank and cross border.

Furthermore, the present system is not fast, flexible, cheap or stable as its centralized credibility system that is easy to make through utilizing the distributed ledger technology to support banking system and reaching the volume of the market. The statement published by the China State Intellectual Property Office is that the new filing of the bank is to search for a blockchain system, which are utilizing to prove information.

Pros of Blockchain

• Blockchain helps in decentralizing
• Gives full protection to users by maintaining privacy
• It offers advanced cryptographic preventive system
• It can be applied by different industries

Cons of Blockchain

• It is not free from malware or other cybersecurity issues
• The blockchain does not offer a clear regulatory status
• And it may sound quite expensive

Blockchain Market Growth

At the start of August 2018, China issued a primer on blockchain technology and its probable usage after releasing the book that is reported by the Communist Party of China, which support government bodies to realise the purpose of DLT (distributed ledger technology), and reflect the advantages and competitions of embracing blockchain in the banking area. Further, it is said that to have a better result, contemporary tactics are good to have a grasp on DLTs. As electronic platform, which is known as e-ICBC3.0, is undergoing development stage, as stated by ICBC in a press release, they are examining various ways to implement blockchain technologies in order to have a better information ecosystem.

BT 201905 FOCUS 04According to BiaNews, the world’s biggest bank is searching out techniques for smart banking that assist a better service to present the financial ecosystems through protecting the shared financial data from third parties. Moreover, the ICBC chairman is looking towards cloud computing, artificial intelligence, internet of things, big data and blockchain to focus on innovation.

There is a resistance present in China for embracing cryptocurrencies, and is strongly issuing regulation on the crypto space since 2017, and it hasn’t shied towards adopting the probable and accessible blockchain technology that works in various range of industries. While ago, there was a ban by China on events that supported cryptocurrencies outside Beijing, to China’s economic zone in Guangzhou southern. However, the current patent requests marking effort of Chinese based commercial banks that are using blockchain technology, in order to make banking system easier, thus Bank of China is using blockchain Scalability Solution by filing as a patent. Further, there is a decrease in amount of data that bank has claimed to have patent filing, by storing normally and using new blocks data in DLN (distributed ledger Network).

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