China Merchants Bank Joins R3 Blockchain Consortium

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Peoples-Bank-of-China-reveal-intention-to-use-a-digital-currencyAlthough there are various blockchain research projects active in the world today, China Merchants Bank favors the R3 blockchain consortium. Up until this point, Chinese financial service providers have been relatively quiet when it comes to distributed ledgers. But China Merchants Bank sees the benefit of these shared ledger-based technologies for global finance.

China Warms to Blockchain, Digital Currency

Shenzhen-based China Merchants Bank has decided to partner with the R3 consortium. Collaborating with the other financial institutions on board with this project will help create new commercial applications. Focusing on the needs of the Chinese market will pose some new challenges, which distributed ledger technology can [hopefully] help address.

Understanding the blockchain is a crucial part of ensuring financial innovation. The R3 consortium focuses on research and experimentation to advance this technology to meet financial service provider requirements. The Corda project is just an example of the advancements being made by this group of blockchain enthusiasts.

China Merchants Bank IT Department GM Tianhong Zhou stated:

“It is a great pleasure for us to reach an agreement with R3. As a technologically advanced bank, China Merchants Bank has always actively explored new technologies and applied them in

Read more ... source: TheBitcoinNews

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