Bank of China launches Blockchain Research

12 Aug, 2018
by Manon Bridou-Koenig
News
Bank of China launches Blockchain Research

Bank of China, 4th bank of China, is planning on spending more than 1 percent of its annual income on research, working on improving real-time monitoring systems.

While the Chinese government has strictly regulated the use of cryptocurrency within the country, Liu Qiuwan, the Chief Information Officer at Bank of China (one of China’s four largest banks), has announced, in The Paper a local news paper, a plan to spend more on technological research, including research on blockchain.


Bank of China is interested in funding research on cloud computing, big data, and artificial intelligence. The bank is planning on spending more than 1 percent of its annual income on the research, which in 2017 was 483.7 billion yuan ($70.9 trillion) !

The bank’s ultimate goal is to improve its real-time monitoring systems that are in place to manage financial risks. Qiuwan said that blockchain has already been applied in 12 of the bank’s pilot projects, including “data sharing, cross-border payment, digital currency, digital bills.”

 

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