WeBank Files Patent for "Secure and Controllable Blockchain Transaction Method and System," Strengthening Fintech Capabilities

WeBank Files Patent for "Secure and Controllable Blockchain Transaction Method and System," Strengthening Fintech CapabilitiesOn January 24, 2025, the State Intellectual Property Office of China revealed that Shenzhen Qianhai WeBank Co., Ltd

WeBank Files Patent for "Secure and Controllable Blockchain Transaction Method and System," Strengthening Fintech Capabilities

On January 24, 2025, the State Intellectual Property Office of China revealed that Shenzhen Qianhai WeBank Co., Ltd. (hereinafter referred to as "WeBank") filed a patent application for a "Secure and Controllable Blockchain Transaction Method and System," with publication number CN119338460A and an application date of September 2024. This public disclosure signals WeBank's continued investment and innovation in blockchain technology applications, further solidifying its leading position in the fintech sector.

The core of the patent application lies in a proposed secure and controllable blockchain transaction method and system designed to enhance the security and controllability of blockchain transactions, addressing security risks and regulatory challenges inherent in traditional blockchain transactions. The patent abstract details the technical specifics of this method and system. First, a base point G is selected on a finite field defined by the elliptic curve E. Next, the recipient randomly selects a private key b and generates a public key B based on the base point G and the private key b. The recipient sends the public key B and its signature to the regulator and receives a random factor d in return. This random factor d is chosen by the regulator after verifying the signature of the public key B. The recipient then uses the random factor d and the public key B to calculate the transaction public key D, which is sent to the sender. The sender returns its public key R. Finally, the recipient uses the transaction public key D and the public key R to calculate a shared secret key c. Using this shared secret key c, the recipient can access the assets transacted by the sender through a temporary address C. This temporary address C is calculated by the sender based on the transaction public key D and the shared secret key c.

The key to this patented technology is the introduction of a regulator into the transaction process. The regulator's random factor d enhances transaction security. This mechanism effectively balances the decentralized nature of blockchain technology with regulatory needs, offering a new approach to building a secure and controllable blockchain financial system. Regulator participation allows for effective tracking and monitoring of transactions, reducing risks, improving efficiency, and ensuring compliance, preventing potential money laundering and fraud.

As a fintech-focused bank, WeBank has consistently driven innovation in the fintech sector. This patent application for the "Secure and Controllable Blockchain Transaction Method and System" reflects its continuous investment and technological accumulation in fintech. This demonstrates WeBank's focus not only on R&D and application but also on security and compliance, crucial for building a safer, more reliable, and efficient financial ecosystem.

It's noteworthy that this is not WeBank's first breakthrough in blockchain technology. For years, WeBank has actively explored blockchain applications, achieving significant results in various fields. Its accumulated blockchain expertise forms a solid foundation for maintaining its leading edge in fintech. This patent application will undoubtedly further enhance WeBank's competitiveness in blockchain technology and fuel its future growth.

According to Tianyancha data, Shenzhen Qianhai WeBank Co., Ltd., established in 2014, has a registered capital of RMB 391.82 million and a paid-in capital of RMB 300 million. Located in Shenzhen, it is a company primarily engaged in monetary financial services. Tianyancha data shows WeBank has participated in 59 bidding projects, holds 783 trademark registrations, 3437 patent registrations, and 110 administrative licenses. This data fully demonstrates WeBank's strong capabilities and influence in the fintech sector. The substantial intellectual property portfolio, particularly the number of patents, highlights WeBank's investment and commitment to R&D and innovation. This not only helps maintain its competitive advantage in fintech but also drives progress and development within the entire industry.

WeBank's continued investment and innovation in fintech are reflected not only in its extensive intellectual property portfolio but also in its active exploration and application of new technologies. This patent application for the "Secure and Controllable Blockchain Transaction Method and System" is a microcosm of its ongoing exploration and innovation in fintech and foreshadows future trends in the sector. By continuously improving blockchain technology and enhancing its security and controllability, WeBank will make a greater contribution to building a safer, more efficient, and reliable financial system.

This patent application holds significant technical and market importance. As blockchain technology matures and application scenarios expand, the demand for secure and controllable blockchain transaction methods and systems will grow. WeBank's patented technology is poised for widespread adoption in the financial sector, offering substantial market opportunities and commercial value.

In conclusion, WeBank's patent application for the "Secure and Controllable Blockchain Transaction Method and System" is further strong evidence of its continuous investment and innovation in fintech. The application of this patented technology will further enhance the security and controllability of blockchain transactions, providing strong support for building a secure and reliable financial system and laying a solid foundation for WeBank's future development in fintech. Its intellectual property accumulation also reflects WeBank's emphasis on technological innovation and its determination to maintain a leading position in fintech. In the future, as blockchain technology continues to develop and be applied, WeBank's patented technology is expected to play a role in more fields, creating greater value for society.