According to the latest report, half of the Chinese banks have adopted Blockchain Apps in 2017.
A Chinese bank industry news source reveals in a report that 12 out of 26 Chinese banks disclosed that they had adopted blockchain Apps for various uses last year.
The 12 Banks consists of the major banks including Bank of China, China Construction Bank etc. The blockchain apps used by the banks have used the process of issuing Invoices, providing cross-border loans, and ID authentication process also.
The Bank of China also stated that it has completed testing for a distributed IT infrastructure to be deployed across its branches for the development of digital wallet based on the blockchain.
Coindesk reports about the latest patent applications which indicate that China’s state-owned banks have explored ways to solve data storage problems and certificate authentication process via blockchain.
