Chinese bank picks blockchain

Source: Xinhua | 2017-01-11

THE Postal Savings Bank of China said yesterday that it has become the first Chinese bank to use blockchain.

A PSBC asset-management system using blockchain allows real-time information sharing and enhanced scrutiny among stakeholders.

Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create permanent, unchangeable and transparent records of every transaction.

“Blockchain improves financial transaction efficiency,” said Lu Jiajin, head of PSBC.

Blockchain, the underpinning technology of digital currency, is set to revolutionize the financial sector and is part of China’s 13th Five-Year (2016-2020) Plan for information technology.