Most Chinese banks already use blockchain in their operations.

According to the Industrial and Commercial Bank of China, most of the country's banks and major technology companies have implemented blockchain in their products.

According to the report, 72 financial institutions alreadyreported to the government that they provide services based on distributed registry technology. Blockchain was integrated by all state-owned banks and most private banks. They mainly use it in the areas of trade finance, supply chain management, settlements and digital accounts.

Total Blockchain Officially in Chinaalready implemented 420 companies, including suchgiants like Alibaba, Tencent, Baidu, and JD. Large technology firms also develop their own applications in the field of finance on the basis of a distributed registry, but mainly use it to ensure the security of systems.

The PCBC report says that Chinese banks and enterprises are also using blockchain to manage funds, issue securities and control loyalty systems.

It is not only the Celestial Empire that stimulates the development of this technology. Recently, the South Korean government stated that now is the “golden time” of for the development of blockchain.

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