Banking insurance has become a common term for the Banks nowadays. One of the renowned bank of China- China Construction Bank is now eyeing to launch a custom blockchain platform for bancassurance. This blockchain technology will be designed to target not only insurance but banking sectors too. Bank is hoping a lot from this technology as it is believed that it will reduce the processing time, customer experience and the transparency too.
The platform of this technology is put on testing by the bank and it has been working with the Hong Kong branch of IBM. The technical side of the project is handed over to the IBM which is also known as the “Big Blue”.