ICBC Secures Blockchain Transaction Processing Patent, Underscoring Fintech Prowess

ICBC Secures Blockchain Transaction Processing Patent, Underscoring Fintech ProwessOn January 11, 2025, the State Intellectual Property Office of China announced that Industrial and Commercial Bank of China Limited (ICBC) has been granted a patent for "A Method and Apparatus for Transaction Processing Applied to Blockchain," with the authorization announcement number CN112883114B. The application date was February 2021

ICBC Secures Blockchain Transaction Processing Patent, Underscoring Fintech Prowess

On January 11, 2025, the State Intellectual Property Office of China announced that Industrial and Commercial Bank of China Limited (ICBC) has been granted a patent for "A Method and Apparatus for Transaction Processing Applied to Blockchain," with the authorization announcement number CN112883114B. The application date was February 2021. This patent marks significant progress for ICBC in blockchain technology application and further solidifies its leading position in the fintech sector.

As one of China's largest commercial banks, ICBC has consistently committed to driving fintech innovation and actively exploring and applying emerging technologies. This patent is a testament to ICBC's continuous investment and technological accumulation in the fintech field. The patent involves a highly efficient and secure blockchain transaction processing method and apparatus, designed to improve transaction efficiency, reduce costs, and enhance security. While specific technical details haven't been publicly disclosed, the patent grant itself demonstrates ICBC's strength in blockchain technology research and application.

This patented technology boasts broad application prospects. In the financial sector, blockchain technology can be applied to payment clearing, cross-border payments, supply chain finance, and more, significantly improving efficiency, reducing risks, and enhancing transparency. As a large commercial bank with a vast customer base and diverse business scenarios, this patent will help ICBC further optimize existing business processes, improve service levels, and open up new business growth points. For example, it can be applied to ICBC's cross-border payment system, increasing transaction speed and security, reducing intermediary steps and fees, and providing customers with more convenient and efficient cross-border payment services. In supply chain finance, this technology can enhance supply chain transparency and traceability, reducing the risks of supply chain financing and better serving enterprises.

Furthermore, the technology's applications extend beyond the financial sector. Blockchain technology has wide-ranging potential applications, such as in digital asset management, identity authentication, and data security. ICBC possesses abundant technical talent and practical experience, allowing it to apply this patented technology to more fields and generate greater social value.

Established in 1985 and headquartered in Beijing, ICBC boasts registered capital of RMB 35,640,625,708,900 and paid-in capital of RMB 24,800,000,000,000. Primarily engaged in monetary financial services, ICBC has consistently explored and applied new technologies to enhance its core competitiveness. Tianyancha data shows that ICBC has invested in 30 companies, participated in 5,000 bidding projects, holds 951 trademarks, 5,000 patents, and 73 administrative licenses. This data fully reflects ICBC's strong capabilities and extensive business layout. Its extensive patent portfolio reflects its continuous investment in and emphasis on technological innovation.

This blockchain transaction processing patent is merely a glimpse of ICBC's numerous achievements in the fintech field. In the future, ICBC will continue to increase R&D investment, actively explore and apply emerging technologies, provide customers with higher-quality, more convenient, and secure financial services, and contribute to the advancement of China's fintech industry. This patent not only affirms ICBC's technological strength but also reflects the rapid development and progress of Chinese financial institutions in blockchain technology. We expect more such innovative technologies to emerge in the future, driving China's financial industry towards greater digitalization and intelligence. ICBC's patent will undoubtedly provide a competitive advantage and further enhance its leadership in the fintech sector. It also sets a positive example for other financial institutions, promoting technological innovation and development across the industry.