The Industrial and Commercial Bank of China (ICBC) has reportedly disclosed detailed information, regarding a white paper on blockchain tech applications, focusing on the finance sector. 

Specifically, the white paper – first ever across the banking industry – highlights the existing issues in the finance industry, as well as making comparisons between the China-based blockchain growth trend, to the foreign markets. 

The white paper has indicated that finance secured the top spot for the most researched industry, regarding blockchain-based applications. 

“There are 420 blockchain information and services providers registered in China. There are 72 firms offering blockchain-based financial services, 17 percent of the total, and they have registered 120 types of financial services.”

ICBC – a global lending heavyweight, asset-wise, has reportedly carried out research and been working on the integration of blockchain, with big data, artificial intelligence, the internet of things, and 5G technology 4 years ago. 

Per the report, the ICBC has finished building an enterprise-level blockchain platform, as well as making services available for transaction tracking in the current situation across the globe. 

The bank further expected that blockchain can initiate profound changes across a wide array of industries, nominally supply chain finance, trade financing, fund management, payment management, payment settlement, and digital assets.