The Postal Savings Bank of China (PSBC) today said it has become the first Chinese bank to use blockchain, a digital ledger system that uses sophisticated cryptographic techniques.
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, state-run Xinhua news agency reported.
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