Blockchain technology is a fundamental and essential technology that shows great potential for use in the financial industry. The banking industry in China is currently dealing with the consequences of interest rate liberalization and a decrease in profits due to a reduction in the interest-rate spread. Additionally, it is influenced by economic restructuring, advancements in Internet technology, and financial advancements. Therefore, the banking industry is in need of immediate reform and is actively searching for new opportunities for expansion. Blockchains have the potential to completely overhaul the technology that supports payment clearing and credit information systems in banks, leading to significant upgrades and improvements. Blockchain applications facilitate the development of "multi-center, weakly intermediated" scenarios, hence improving the efficiency of the banking industry. Nevertheless, even if blockchains are characterized by their permissionless and self-governing nature, the challenges of regulating and effectively implementing a decentralized system still need to be addressed. Hence, we suggest the immediate creation of a "regulatory sandbox" and the formulation of industry benchmarks.