PSBC and IBM build up blockchain banking system

The technology reduces processing steps by as much as 80 percent

The Postal Savings Bank of China Co Ltd announced on Tuesday that it has launched a blockchain-based system for its asset custody business. This is the Chinese banking sector's first application of blockchain technology to the core banking business system.

Jointly created by PSBC and IBM, the system was launched in October 2016 and has carried out more than 100 transactions in real business environments since then.