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Forbes names six Chinese enterprises as industry leaders, ICBC testing DCEP

2021.02.04 Matthew Lam

A weekly overview of blockchain and cryptocurrency news from China and Hong Kong — China Market Watch

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It has been an eventful week for the Industrial and Commercial Bank of China's crypto and blockchain development. The state-owned commercial bank announced plans to test China's digital currency, DCEP, across automated retail counters in Shenzhen. ICBC was also named on Forbes' annual Blockchain 50 list, alongside Ant Group, Baidu, Ping An, Tencent and China Construction Bank.

Meanwhile, in the legal sphere, the Supreme People's Court of China is seeking public consultation on using blockchain in legal proceedings.

Here's everything you may have missed regarding these stories, and more, in this week's edition of China Market Watch from OKEx Insights. 

Ant Group and Baidu listed on Forbes Blockchain 50 list

Forbes released its third annual Blockchain 50 — a list featuring leading enterprises that employ distributed ledger technology. The listed companies have revenue, or a valuation, of at least $1 billion.

Six enterprises in China were featured in the Forbes Blockchain 50 list:

  1. Ant Group
  2. Baidu
  3. China Construction Bank
  4. ICBC
  5. Tencent
  6. Ping An

Key takeaways

  • ICBC and Ping An are two of the 21 newcomers on Forbes' third Blockchain 50 list. The newcomers replaced traditional tech giants such as Facebook, Google and Amazon.
  • The six listed Chinese enterprises launched their own blockchains in areas such as supply chain, finance and health care.

ICBC trials DCEP in automated retail counter

ICBC announced that it will trial DCEP in automated retail counters in Shenzhen.

Users need to connect their digital wallets in order to spend DCEP at the counters. Once they have taken the goods from the counter, payments will be settled automatically, and users can review the transaction record in their digital wallet.

Key takeaways

  • Launched in November 2020, the automated retail counter is an innovative business model that leverages the internet of things and digital finance to alleviate poverty in China.
  • ICBC is active in fostering DCEP adoption in Shenzhen. In December 2020, the bank partnered with Shenzhen Project Care Foundation to accept donations in DCEP.

China's Supreme People's Court seeks public consultation on blockchain technology

The Supreme People's Court recently sought the public's consultation on the use of blockchain technology in legal proceedings.

The court listed four criteria to evaluate blockchain platforms used to store legal evidence:

  1. Whether the blockchain platforms comply with the information storage requirements set by regulatory authorities.
  2. Whether there is a conflict of interest between legal parties and the blockchain platform.
  3. Whether the information system of the blockchain platform complies with the industry standard.
  4. Whether the storage of legal evidence satisfies the cryptographic requirements set by regulatory authorities.

Key takeaway

  • While the legal evidence stored on blockchains is immutable, this does not mean that the evidence is always true. The Supreme People's Court would not accept evidence if that was not verified, or if it were contradictory to other evidence in a legal case.

OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals.

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