2018-7-31 13:17 |
The Agricultural Bank of China (ABC), one of the world’s largest banks by total assets, has completed the issuance of a loan worth $300,000 using a blockchain system.
The ABC said the blockchain system is deployed among various nodes to facilitate the loan issuance including other commercial banks, the provincial branch of the People’s Bank of China as well as the local government’s Land and Resources Bureau.
The blockchain application is part of the bank’s effort to bring wider access to loans for farmers and businesses who own agricultural land in rural China.
Currently, out of the 26 publicly-listed banks from China, 12 of them have already started working on blockchain technology.
The ABC’s annual filing disclosed early this year shows the state-owned entity has also developed a decentralized network to issue unsecured loans in smaller amounts via an automated process for agricultural e-commerce merchants.
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