[2017-01-10] BS: Chinese bank to use blockchain financial service

[polynesia]

Chinese bank to use blockchain financial service

http://www.business-standard.com/article/pti-stories/chinese-bank-to-use-blockchain-financial-service-117011000859_1.html

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.