Bank of China (BOC) has emerged as the leader amongst Chinese banks in terms of blockchain patent applications.
According to a report from Sanyan Blockchain BOC applied for a total of 11 blockchain patents in 2017, putting it first amongst Chinese banks as well as 20th amongst global companies.
These patents include a “blockchain data compression method and system” (一种区块链数据压缩方法及系统), application for which was made in September last year.
The big four bank recently unveiled a “1234” fintech strategic framework which places heavy emphasis upon artificial intelligence, big data and blockchain applications.
Earlier this month BOC entered a strategic co-operative agreement with China UnionPay that outlines further cooperation in key fintech areas including big data, the blockchain and mobile payments.
BOC has also engaged in close cooperation with Chinese internet giant Tencent in the areas of artificial intelligence, big data, the blockchain and cloud computing.
BOC is far from the only big four Chinese bank to explore the business potential of blockchain, with Agricultural Bank of China, China Construction Bank and ICBC all applying the technology to a range of areas including risk management and cross-border payments.