More than 70 financial services companies in China, including all state-owned banks and the largest technology companies, are deploying blockchain-based financial applications.

This is according to the Industrial and Commercial Bank of China (ICBC), one of the largest state-owned banks in the country.

in White paper New, ICBC said Chinese banks plan to use blockchain in areas such as trade finance, supply chain management, settlement, digital invoicing, and other applications.

Four of China’s largest tech companies Baidu, Alibaba, Tencent and JD are also working on blockchain-based financial services applications, as the paper notes, most of these blockchains are based on an entity that operates them and require authorizations.

The document also carries details of some specific applications. For example, ICBC itself has built a cross-border trade settlement platform between China and Europe that uses blockchain technology and smart contracts to authenticate and synchronize shipping information shared by companies, warehouses, customs, banks, and government agencies.

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According to the paper, banks and companies in China are using blockchain to manage money, control supply chains, issue securities, and track customer loyalty points.

There are about 420 blockchain companies, 17% of which are in finance. One hundred and twenty new blockchain-based financial services projects have been registered according to ICBC.

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