Bank of China, Tencent to Trial Blockchain in New Research Effort

The Bank of China is partnering with Tencent, one of the country's biggest internet companies, to trial blockchain tech in financial applications.

AccessTimeIconJun 26, 2017 at 12:30 p.m. UTC
Updated Sep 11, 2021 at 1:29 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

The Bank of China is partnering with Tencent, one of the country's biggest internet companies, to trial blockchain technology in financial applications.

The two firms announced the partnership last week, revealing the creation of a new joint research space for the development of new products. Artificial intelligence and blockchain are two major areas of research set to be explored, with the ultimate aim being to build a fintech cloud platform with reduced risk and gains in efficiency, according to local reports.

With the news, the Bank of China joins other major state-owned commercial banks that have recently announced partnerships focused on fintech and blockchain with major private sector firms. 

Earlier this month, the Agriculture Bank of China announced a partnership with search giant Baidu, while the Industrial and Commercial Bank of China launched a similar initiative with e-commerce company JD.com. And, in March,China Construction Bank kicked off a technology research projected with Alibaba Group.

The research initiative further signals growing interest in blockchain within China's private sector, wherein supply chain management has emerged as a significant use case.

Insurance group ZhongAn, for example, plans to harness the technology to track the provenance of poultry shipments, while Walmart, IBM and Beijing's Tsinghua University jointly launched a similar effort last autumn focused on pork deliveries.

Bank of China image via Tomasz Bidermann/Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.