China Construction Bank to use blockchain

The Chinese government has recently imposed tough restrictions on cryptocurrency exchanges and banned ICOs, although some experts believe the latter is a temporary suspension.

However, there was no ban of blockchain technologies, and the large China Construction Bank (CCB) plans to use the distributed ledger tech for insurance needs to optimize sells of 3rd-party insurance products, as well as improve transparency and overall process swiftness. The bank decided to cooperate with IBM. “After the successful launch of this blockchain-enabled bancassurance project, we plan to extend our experience to other insurance partners in order to optimize our overall bancassurance business,” said Guo Zhipeng, Deputy Chief Executive of CCB (Asia).

IBM, well-known for the invention of the modern PC configuration, has lately demonstrated a large interest towards newest blockchain applications and development of distributed ledger technologies, including but not limited to security measures, financial optimization tools and the innovative food supply chain. The joint project with CCB involves the IBM team based in Hong Kong.