The Postal Savings Bank of China (PSBC) announced on Tuesday 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.
Once data is recorded on the blockchain ledger, it’s very hard to change or remove.
Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable, and transparent records of every transaction.
CFP Photo
"Blockchain improves financial transaction efficiency," said Lyu Jiajin, head of PSBC.
Blockchain, the underpinning technology of digital currency, is expected to revolutionize the financial sector and is part of China's 13th Five-Year Plan for information technology.
(Story from Xinhua)
