Two of China’s big state-owned banks are expanding their usage of blockchain technology with the unveiling of a raft of new patents.
ICBC – China and the world’s biggest bank in terms of assets – recently announced that it filed a slew of blockchain-related patents, according to information from Tianyancha (天眼查).
These patents include:
- A blockchain consensus system and method (区块链共识系统及方法),
- A file-editing method, set-up and system based on the blockchain (基于区块链的文档编辑方法、装置及系统),
- A terminal upgrade protection system and method based on the blockchain (基于区块链的终端升级保护系统及方法).
Bank of China made a similar announcement, pointing to patents that include:
- An information management method and set-up based on the blockchain (一种基于区块链的信息管理方法及装置),
- A donation materials processing method, set-up and system based on the blockchain (一种基于区块链的捐赠物资处理方法、装置及系统),
- A personal information management method and set-up based on the blockchain (一种基于区块链的个人信息管理方法及装置).
ICBC’s blockchain patents have thus far primarily been concentrated in the areas of supply chain finance and digital assets, while those of Bank of China’s encompass digital assets, credit assessment, lending operations, cross-border patents, fund depository and forex settlement operations.
Dong Ximiao (董希淼), chief researcher with MUCFC, said to state-owned media that the Chinese financial sector, and in particular the banking sector, had become highly active in the exploration of blockchain applications.
These include ICBC’s launch of a blockchain platform for poverty alleviation measures in Guizhou, Agricultural Bank of China’s use of blockchain technology for e-commerce supply chain financing, and China Construction Bank’s launch of a blockchain banking and insurance platform, which has already successfully handled its first international factoring operation.
Data from Innojoy indicates that as of the end of 2019 China had applied for a total of 17,176 blockchain-related technology patents, of which 3299 were in the finance sector.