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Chinese bank announces first blockchain financial service

(Xinhua)    19:07, January 10, 2017

The Postal Savings Bank of China (PSBC) announced Tuesday that it has become the first Chinese bank to use blockchain.

A PSBC asset management system using blockchain allows real-time information sharing and enhanced scrutiny among stakeholders.

Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent records of every transaction.

"Blockchain improves financial transaction efficiency," said Lyu Jiajin, head of PSBC.

Blockchain, the underpinning technology of digital currency, is expected to revolutionize the financial sector and is part of China's 13th Five-Year Plan for information technology.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Zhang Tianrui, Bianji)

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