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

Postal Savings Bank of China launches 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.”

About The Author

Ian Taylor

Ian Taylor is the Editor of Triangle’s Mail & Express Review Magazine and the www.postandparcel.info portal. Ian has been a business journalist for almost 30 years, editing and writing for a wide range of magazines and newspapers with a particular focus on the transport and logistics industries.

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