Bank of China plans to invest in Blockchain development

Liu Qiuwan, the Bank of China’s Chief Information Officer (CIO), announced plans to increase spending on technologies such as blockchain, the Internet of Things (IoT), and fintech.

Investment in the technologies will reportedly be more than 1% of the bank’s operating annual income, which in 2017 was 483.7 billion yuan ($70.9 trillion).

Bank of China highlighted the development of three key platforms in 2018 — cloud computing, big data and artificial intelligence.

Currently, Bank of China has been applying technology in the pilot blockchain of 12 projects, mainly focusing on data sharing, cross-border payment, digital currency, digital bills, etc. according to the statistics of the global blockchain enterprise patent rankings in 2017. Bank of China has 11 patent applications for blockchain, ranking 20th in the global business and ranking first in the domestic banking industry.

Liu Qiuwan, the Bank of China’s Chief Information Officer (CIO)

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