Six blockchain application scenarios in China

Banking

Customers fill out forms at a branch of China Merchants Bank in Haikou, Hainan province. [Photo by Zhang Mao/China Daily]

In February, China Merchants Bank announced that it had successfully incorporated blockchain technology into its business regarding global cash management, cross-border direct settlement and unified account management, chinadaily.com.cn reported on June 14.

The move shortened information transmission time between the head office and overseas branches while avoiding falsified information.