China turns to blockchain to make markets clearer and cleaner

Forward looking: Chinese banks are looking to use blockchain to leapfrog a generation of technology and clean up the system.

SHANGHAI: Chinese banks are hiring blockchain experts as the government pushes use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector.

Lenders have struggled for years with outdated and disparate technology. While four Chinese banks rank among the world's five largest by capital, many still use paper, faxes and traditional chop stamps to verify documents.