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Blockchain use grows
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Blockchain has great potential to be adopted in online finance for validating assets and transactions, establishing credit rating and improving security, Shanghai Daily learned yesterday at the LendIt FinTech summit in Shanghai. Blockchain, which distributes a data base network, provides a tamper-proof data structure for virtual transactions. The technology, used mainly in Bitcoin, is now adopted in a wider range of industries including finance and retail. Almost all finance firms, credit rating firms, and banks are looking at blockchain, said Jason Jones, co-founder of LendIt.
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