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PSBC, IBM collaborate to build blockchain-based asset custody system
Postal Savings Bank of China (PSBC) has announced that it worked with IBM to develop an asset custody system built on the Hyperledger Fabric.
According to the official release, the bank has successfully executed over 100 real business transactions on the blockchain since the system went live in October 2016. Following a Design Thinking workshop and joint development work with IBM, the bank embarked on a two-month trial operation, during which it completed over 100 asset custody transactions involving buying and selling bonds. During the trial, the system demonstrated blockchain's ability to help streamline the traditionally complex credit verification process and manage risk, helping financial institutions operate more securely and efficiently.
The bank has now officially launched the system which marks the first deployment of blockchain technology to asset custody in China’s financial industry.
"The successful launch of PSBC's blockchain-based asset custody platform demonstrates the high impact the technology can have on the financial industry. As the technology evolves, we expect to work with PSBC to define and develop new solutions, drive adoption of blockchain in more lines of business and support more organizations in China and around the world as they build their blockchain ecosystems and create a more efficient and trusted business environment," said Chen LiMing, Chairman, IBM Greater China Group.
PSBC's blockchain solution enables the real-time sharing of information by multiple parties, eliminates repeated credit verifications, which reduces the operation process by about 60%-80% and helps make information exchanges more efficient. The smart contract and consensus mechanism integrates investment compliance verification regulations into the blockchain, and ensures that transactions are completed after contracts are satisfied and a consensus is reached. The immutability and encryption built into the blockchain ensures that account information remains secure while allowing the quick sharing of necessary information by transaction participants. Furthermore, blockchain technology helps auditing and supervising parties quickly gain information, intervene and exercise control, thus improving the efficiency of risk management across the industry.
"Blockchain technology has the potential to eliminate the trust frictions in financial business activities at a very low cost and creates trust and enables the efficient exchange of information for all the parties involved in a transaction. This technology has the potential to fundamentally transform the financial industry. Today, with a booming fintech and business innovation in the financial industry, we expect to join hands with more financial institutions to build the ecosystem for a financial industry based on blockchain technology”, Lyu Jiajin, President, PSBC, said.