(Yicai Global) June 29 -- CIB Fintech unveiled its new blockchain electronic contract service platform at a press conference in Lujiazui, Shanghai yesterday.

The company applies blockchain technology in its new-generation blockchain e-contract service platform, which is an electronic framework that validates electronic signatures, Mao Qianghua, chief product officer of CIB Fintech, said at the press conference.

A reliable e-signature has the same legal effect as a handwritten signature or seal under Chinese law.

E-contracts signed through the service platform are automatically stored in the blockchain, which can notarize, identify and certify them online. The system is on a par with or better than other leading world technologies.

The service matrix integrates blockchain technology with banking, securities, trust, insurance, and internet finance services and supports comprehensive technical upgrades for China's finance sector.

The platform is the only one able to verify e-signatures in China, Mao told Yicai Global.

Formed in 2015, CIB Fintech is a unit of China Industrial Bank (CIB) that provides financial information cloud services to small and mid-sized banks, non-banking financial institutions, and small and mid-sized firms.

Editor: Ben Armour