Bank of China partners with UnionPay to develop blockchain-backed payment system


In an effort to promote more developments based on Blockchain, the Bank of China (BOC) signed an agreement with the service provider 'China UnionPay' (CUP), in order to develop a payment system supported in the distributed ledger.

This new development is designed with the purpose of providing a greater amount of opportunities to establish links between corporations and make cross-border payments.

In this sense, a spokesman of the BOC commented that:

According to the trade agreement, the two interested parties will continue to take advantage and promote more progress in their respective areas, actively implementing the requirements of the mobile payment convenience demonstration projects, deepening the general cooperation in the field of mobile payment, promote the development healthy and fast payments industry and will provide intelligent, open, integrated and feature-rich digital mobile financing for customers.

For its part, both the BOC and the CUP intend to explore developments in 'Big Data' and greater solutions in distributed ledger technology, in order to improve the products offered in digital banking.

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I suppose China is ready to accept blockchain, it's good to see progress in such respective areas


Now China has opportunities to work with different technologies, and it's nice to see that they don’t reject blockchain