Bank of China Explore Blockchain for Payment Systems by Partnering With China UnionPay

The commercial, state-backed Bank of China (BOC) have ventured into exploring blockchain technology applications, for payment system development. BOC have entered into a partnership with financial services corporation China UnionPay (CUP) for the same. This comes as a response to market demands and regulatory requirement for the ease the cross-border mobile payments between two parties.

According to an announcement on August 15, the two parties will jointly investigate big data and distributed ledger technology deployment in order to improve mobile banking products. The CUP plans to build a unified port for mobile integrated financial services, enabling the cardholders to use a QR code to spend, transfer and trade on a cloud flash payment app.

Subsequently, BOC will launch a promotional program of the payment system to provide customers with a “safer, more convenient and more efficient mobile payment service experience.”

A grant of $20 million has been awarded to the Hong Kong University of Science and Technology Business School to research and improve the security capabilities of electronic payment systems. The university along with other parties will explore blockchain technology applications to enhance the electronic payment security system.

Last week, a number of measures to speed up the promotion of blockchain applications in the country were proposed by the Chinese Ministry of Industry and Information Technology (MIIT). It aimed to provide a “healthy and orderly development of the industry.” The MIIT intends to provide a gradual extension of blockchain applications from the financial sector to other industries, such as electronic deposit services, supply chain management, Internet of Things (IoT), and others.

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.