Blockchain Payment System To Be Jointly Explored By Bank of China and China UnionPay

China has furthered their endeavours when it comes to optimizing the use of blockchain technology and the fintech sector especially, is doing all it can to integrate this revolutionary technology in their system. The Bank of China, which is a commercial bank of the country, backed by the government, has recently entered into a collaboration with China UnionPay, a financial services corporation in the country. The news of this new partnership was made public on August 15.

The purpose of this collaboration is to come up with a new system of payment that will be driven by blockchain technology and will be a better alternative as opposed to the current existing systems. There’s a high demand in the market for such a system and the rising popularity of cross border mobile payments which are hassle free and secure, thanks to blockchain.

This new collaboration will help the two parties further their individual interests as well. CUP wants to build a unified port for mobile integrated financial services, where a simple QR code would enable cardholders to buy, transfer and trade on a cloud based payment app. On the other hand, BOC wishes to provide customers with a “safer, more convenient and more efficient mobile payment service experience.” To this end, the two parties are looking into big data and distributed ledger technology deployment to upgrade the already existing mobile banking products.

China is gearing up for a blockchain revolution on a war like footing. BTC Wires had reported on August 14 about a Blockchain guide book that was launched for the officials in the administration, to equip themselves with knowledge about blockchain. Other sectors in the country like Agriculture, Education, Telecom and other such sectors have already made progress when it comes to incorporating and optimizing the use of Blockchain. It is for us to wait and see how far China takes the blockchain revolution.