Blockchain for bancassurance
China Construction Bank, which is one of the largest banks in the world, is on the verge of introducing a block-chain-based app for use by the insurance and banking sectors. The bank intends to start using a custom blockchain platform for bancassurance. The app will be used by the bank’s Asia operations and the bank expects that it will improve customer experience, reduce processing times and boost transparency. The bank is partnering with IBM Blockchain in this project and most of the work is being done by the bank’s Hong Kong staff. The bank is confident it will introduce the system in 2017 itself.