Application and Prospect of Blockchain Technology in China’s Commercial Banks

Abstract

For the traditional financial industry, blockchain technology has brought an unprecedented revolution. In recent years, blockchain technology has become one of the most important research directions of financial technology in commercial banks in China. The application of blockchain technology in commercial banks can help optimize payment and settlement system, improve credit risk management and control mode, improve the operation efficiency of the middle and back office, and develop smart finance. At the same time, blockchain technology brings many challenges. Based on the introduction of the evolution and characteristics of blockchain, this paper analyzes the necessity of the application of blockchain technology in China's commercial banks, puts forward the policy advices of the application of blockchain in commercial banks.