According to Fintech's information provider, Reiichi Chiko, Chinese banks have applied for 433 blockchain-related patents in the four years from 2016 to 2019. China's first blockchain patent application by a Chinese bank was confirmed in 11 cases in 2016, up from 43 in 2017, to 95 in 2018, and to 284 in 2019. The Securities Daily reported.

Fifteen banks have filed for blockchain patents in four years, with the most prominent being WeBank, operated by IT giant Tencent, accounting for 81% of the total in 2019.229 Was the case. With 59 applications for WeBank over the three years from 2016 to 2018, the increase in overall banking in 2019 is almost entirely due to WeBank.

The second largest application in 2019 was China Industrial and Commercial Bank, China's largest state-owned bank, with 35 applications.

The patents highlight digital assets, lending operations and supply chain finance. WeBank has applied for patents in digital assets, supply chain finance, settlement, credit and remittance technologies, and has broad coverage in banking. Meanwhile, patents filed by the Industrial and Commercial Bank focus on digital assets and supply chain finance.

The patents filed by the 15 banks suggest that the specific usage scenarios include identity authentication, blockchain voting, asset transfer, point management, traceability, anonymous trading, risk management, and receipt processing.


editor

Shane is an economics and mathematics double major with a keen eye for the financial world. His understanding of the current economic model of different countries is enlightening and he aims to bring that impressive knowledge and experience into his writing. He is currently exploring writing about different genres within the entertainment, business and cryptocurrency sphere and aims to bring diversity in his writing.

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