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

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.”