Retail Bank Partners IBM for First Case of Blockchain Deployment in China
The Postal Savings Bank of China (PSBC) has announced the launch of its blockchain-based asset custody system, in partnership with IBM, today. IBM claims this to be the first case of blockchain technology to asset custody in China. With over 40,000 branches and 500 million individual customers in China, the bank sees its assets totaling 7.3 trillion yuan ($1.09 trillion, 2015 figures), making it figure among the top 25 banks in the world. The announcement comes following a two-month trial that saw over a hundred real business transactions executed on a blockchain developed using the....
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The Postal Savings Bank of China (PSBC) has built a blockchain-based asset management system in partnership with IBM. That project, which officially launched in October, has been used to conduct more than 100 live transactions, the bank said earlier this week. Relying on the Hyperledger Fabric blockchain, the system enables PSBC to track the direction of investments, with smart contracts being used to check compliance with the agreements underpinning those investments. The bank, founded in the mid-2000s, specializes in retail commercial banking, and according to The Wall Street Journal,....