Chinese banks issue $1.3bn blockchain securities move

September 27, 2018
Chris Wheal

China’s state-run Bank of Communications has completed a significant residential mortgage-backed securities move on blockchain, according to a new report from Coindesk. 

Mortgages get on the ‘chain

The value of the move was estimated at around $1.3bn. While The Bank of Communications has played a major role it’s thought there was input also from China Merchants Bank and the Commercial Bank of China. Either way the move was still made on a state-run blockchain. 

Commuters and heavy traffic around Guomao, Beijing during rush hour

The Bank of Communications is believed to have pushed out the Jucai Chain blockchain platform in June, says Coindesk. “After the initial launch, the bank started moving mortgage data of the securities batch onto the blockchain in July.” 

Coindesk also said the state-supported Agricultural Bank of China offered a loan worth $300,000 deploying a blockchain system in the country’s Guizhou province midsummer. 

China puts a value on DLT

Blockchain many times more potent than the internet in China

Earlier in the year China Central Television (CCTV), the country’s main state broadcaster, claimed the economic value of blockchain was up to “10 times more than that of the internet”.

CCTV host Chen Weihong chaired an hour’s discussion on the tech in a show called “Dialogue,” via the station’s finance channel.

Taking part included Chen Lei, CEO of cloud network Xunlei as well as Zhang Shoucheng, physics professor from Stanford University and founder of VC company Danhua Capital. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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