Technology like Blockchain will transform the Chinese economy

Digital transformation is a national priority for China, and it is integrated into both businesses, banks and other service industries.

According to a report on 4/2 words Economic Information Daily, Hong Qi – President of Minsheng Bank, said:

“Comprehensive adoption of digital technologies such as blockchain is expected to accelerate digital transformation and upgrade agriculture, manufacturing, finance and other services over the next 10 years.”

China Minsheng Bank is the first national commercial bank largely owned by non-governmental businesses. The bank is famous for providing loans to small and medium businesses. It is also one of the earliest organizations to apply blockchain technology in the field of Chinese banking. Minsheng has applied blockchain technology to two main areas of traditional finance: recovery and letter of credit.

Banks in China believe that blockchain will change the core standards of the financial system. This emerging technology will also have a major impact on the underlying systems of the current banking system and the relationship between participants.

In February, the Bank of China is said to have issued 20 billion yuan ($ 2.8 billion) of bonds to small and medium businesses using blockchain technology.

A few months ago, Toiyeubitcoin once reported that a new blockchain-based smart city identification system – developed independently, has been set up by three institutes based in Shijiazhuang city in North China's Hebei province. China jointly launched.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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