Postal Savings Bank of China (PSBC) jointly held a press conference with International Business Machines Corp. (IBM) in Beijing on January 10 to announce the launch of an asset management system.
The system is the first successful application of block chain technology at the bank's core business.
PSBC Vice President Lv Jiajin attended the conference and gave a speech, noting that block chain technology can solve the trust problems in financial activities, bringing efficient exchanges of trust and credit that promote profound changes in the financial industry.
Chairperson of IBM Greater China Group Chen Liming said that the launch of PSBC's block chain asset management system has a huge impact in the financial industry and IBM would deepen cooperation with PSBC while helping more enterprises build a block chain ecosystem in China and the world, creating a more efficient business environment.
The 13th Five-Year Plan on China's National Informatization (2016-2020) issued by the State Council on December 27, 2016 included block chain technology in the national plan for the first time, making it a strategic frontier technology. PSBC applied block chain technology in the real production environment at Hyperledger Fabric, enabling information sharing and supervision over use of assets.
The system has been implemented in hundreds of transactions in the real business environment since it was launched in last October, making information sharing among multiple parties and credit interchanges more efficient.