April 23, 2020 New research claims that over 70 Chinese financial institutions are using blockchain technology.

The Industrial and Commercial Bank of China (ICBC), a state-owned Chinese bank has published a whitepaper that claims over 70 Chinese financial institutions are using blockchain technology. Among the stated use cases are invoicing, supply chain management, payment settlement, and trade financing, with the majority of the institutions using permissioned systems. The 70 institutions are part of a broader group of 420 Chinese companies that are using blockchain technology in some form, according to the ICBC.