The First ICBC’s Blockchain Patent Is Public

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The industrial and Commercial Bank of China (ICBC), which is one of the biggest state-owned commercial banks, is in the quest of looking for new ways in which they can make authentications of the digital certificates and also store data which can be shared in a Blockchain.

In accordance with the patent applications which was filed with the China State Intellectual Property Office (SIPO), the bank intends to utilize Blockchain system in the quest of the improvement of the certificate issuance efficiency and also to save the various users from the repetitive filing of a similar document to the different entities.

According to the patent, the technology described a system where the issuer of the certificate must first have a match of the users credential with a specific digital certificate. Therefore, after this approval, the data will then be encrypted and thereafter moved to a Blockchain which then will update the distributed ledger possesses by the various entities which have the potential of acquiring this certificate.

Therefore, through the decryption of the data using the user-specific credentials, the system will then provide the permission for the entities to look at the authenticated document digitally in order to make sure that there is a streamlined operation flow.

This is the first patent which is Blockchain related filed by the bank with SIPO. Therefore, this patent was given in 2017 November and released on Friday.

According to the explanation, the technological exploration comes from the current pain point in the case where the various consumers are continually asked to submit the same certificate. For instance such as the marriage, birth, education certificated by the various organizations they get involved with.

According to the bank’s statement in the document;

“Traditionally users have to obtain a certificate from an authority that issues it, which does that manually. And then they present it to entities that require the certificate. This process is inefficient and poses the counterfeit issue.”

Therefore, this patent application is a representation of another effort to the Chinese state-owned commercial banks in the utilization of the Blockchain technology in data sharing and storage. Just recently, the bank of China declared that they would apply for a patent in development of the technology which would better improve the Blockchain data storage and also the processing capacity.

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