China’s ICBC Releases Its First Blockchain Patent

    2018/05/03 18:24 Molly lv Created with Sketch.
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Cointime (May 3) — ICBC is exploring a completely new way to enhance the efficiency of certification processing and prevent customers from repeatedly submitting the same documents.

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As one of the four major state-owned commercial banks in China, ICBC has been looking for a solution that can verify digital certificates and store data in sharable blockchains.

 

According to a patent application disclosed by the State Intellectual Property Office (SIPO), The patent provides an electronic certification processing, storage method and apparatus, and an electronic certification processing system. The electronic certification processing method includes: receiving an electronic certification generation request from an electronic certification terminal and verifying whether the electronic certification generation request satisfies the; when the generation condition is satisfied, sending the generation request to the electronic certificate opening server and receiving an electronic certificate storage request from the electronic certificate issuance server, in which the electronic certificate storage request includes the electronic certificate; checking whether the electronic certificate meets the encryption condition of the electronic certificate;  when the encryption condition is satisfied, the electronic certificate is encrypted, the encrypted electronic certificate storage request will be sent to the electronic certification blockchain. The invention improves the efficiency of the proof of processing and reduces the risk of proof being forged.

 

The patent was filed in November last year and is the first patent related to the blockchain submitted by the Industrial and Commercial Bank of China to the State Intellectual Property Office. In addition, the patent aims to solve the pain point of the personal consumer that they are constantly required to submit the same documents to different entities - such as birth certificates, marriage certificates, and diplomas.

 

Industrial and Commercial Bank of China stated:

 

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

 

Recently, another Chinese state-owned commercial bank, Bank of China, has also filed a blockchain patent application, claiming that it can better enhance the blockchain data storage and processing capabilities.

 


    Adapted from: CoinTime Executive editor: Marie
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