Postal Savings Bank of China (PSBC), the country’s commercial retail bank, announced that it is exploring the usage of the blockchain, becoming the first Chinese bank to use the technology, Xinhua reported.

According to the reports, the PSBC asset management system is using blockchain technology in order to allow real-time information sharing and enhanced scrutiny among the stakeholders.

"Blockchain improves financial transaction efficiency," Lyu Jiajin, head of PSBC, said as reported by Xinhua.

China has been testing and applying blockchain solutions in various sectors. Last year, Shanghai Blockchain Network Technology partnered with The Vanbex Group to explore the potentials of blockchain technology. Also, over 30 Chinese financial companies formed a new Financial Blockchain Shenzhen Consortium dedicated to blockchain.

Blockchain is a part of China's 13th Five-Year Plan for information technology and is expected to revolutionize the financial sector.