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Postal Savings Bank of China launches blockchain-based asset custody system

Thursday, January 12th, 2017

Postal Savings Bank of China (PSBC) has teamed up with IBM to launch a blockchain-based asset custody system.

PSBC said that it has successfully executed more than 100 real business transactions on the blockchain since the system went live in October 2016.

In a statement issued by IBM on Tuesday (10 January), Lyu Jiajin, President, PSBC, commented: “Blockchain technology has the potential to eliminate the trust frictions in financial business activities at a very low cost and creates trust and enables the efficient exchange of information for all the parties involved in a transaction. This technology has the potential to fundamentally transform the financial industry. Today, with a booming fintech and business innovation in the financial industry, we expect to join hands with more financial institutions to build the ecosystem for financial industry based on blockchain technology.”

Source: IBM

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Postal Savings Bank of China launches blockchain-based asset custody system

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Direct Link specialises in international cross border distribution and returns of e-commerce packages worldwide. Parent company PostNord (the merged Swedish and Danish Post Offices) supports Direct Link with IT expertise, postal connections and international logistics solutions, across the Nordic countries and intercontinentally.


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