This news article talks from fortune.come about the global trend of blockchain technology adoption by financial institutions, with a specific focus on Chinese banks. Fortune.com reports that 80% of financial institutions in the world have stated that they would adopt blockchain technology in this year. However, most of the financial institutions may only apply blockchain as experiments to some special projects.
In my opinion, Chinese banks are interesting to study in this terms of blockchain adoption. First of all, unlike many other financial institutions who may only implement blockchain in their peripheral products, Chinese banks are trying to integrate blockchain technology in their central banking system. Second, the adoption of blockchain of Chinese banks could revolutionize the way Chinese banking systems work now. Despite that four of Chinese banks rank among the top five in the world in capital, they are still using paper, fax, and stamps to verify transactions.
According to fortune.com, 86% of surveyed companies in China reported fraud, which was 4% above the global average, as a result of the outdated banking system. Therefore, the initiatives to invest in and adopt blockchain technology were backed up by the Ministry of Industry and Information Technology, as a fraud-fighting tool.
Source: http://fortune.com/2017/01/27/china-banking-fraud-blockchain/