Crypto

Chinese bank to accelerate ICBC transactions with Blockchain

The Chinese Industrial and Commercial Bank (ICBC), one of the largest banks in the world and also active in our country for about 3 years, wants to use Blockchain technology to speed up processing times.

The international banking patent application, also made. And on July 6 details about the application were published.

According to the patent, if an institutional participant wants a transaction, the system with intelligent contracts, the client account balance, the client account, and the bank account will be automatically verified with Blockchain technology

name and transfer amount, and automatically check and approve the transaction. The process will take place as soon as you receive the required number of approvals from participating nodes.

ICBC aims to lift intermediaries in transfer operations

The main aim of this project is to lift intermediary institutions from the middle and "save both time and money by improving the liquidity of financial assets."

China Industry

Some notable notes from the applicant are as follows:

The traditional transaction built around a centralized system of credibility chain, high cost, low efficiency, low stability and flexibility.

According to the Chinese media, the bank, which operates at the international level and has branches in our country, will further expand its use of Blockchain in the future. Accordingly, we want to build a Blockchain-based platform to validate user information through a distributed protocol

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