Almost a half of the Chinese state banks implemented the blockchain technology. Their number is 12 from 26.
They implemented blockchain-based developments in various spheres. Central Bank, Agricultural Bank, Chinese Building Bank are the basic financial structures studying this technology. A lot of private organizations follow their example. CBRC, China Banking Regulatory Commission, approved blockchain as a financial instrument, seeking its acceptance on credit market. It declared that the integration of this technology in their platforms of financial services should be the part of future strategy. At the moment Blockchain is used for invoicing, identification and cross-border financing. The Chinese Building Bank created the blockchain platform for loan granting. It has already processed transactions for 251 mln dollars. Another way of use is preventing of fraud. The false transactions and bargains are the serious problems in China. 86% of Chinese companies declared about the fraud accidents in 2016. It is 4% above the average international rate.