Industrial and Commercial Bank of China (ICBC) Secures Blockchain-Based Letter of Credit Data Synchronization Patent, Driving Fintech Innovation

Industrial and Commercial Bank of China (ICBC) Secures Blockchain-Based Letter of Credit Data Synchronization Patent, Driving Fintech InnovationOn February 19, 2025, the State Intellectual Property Office of China announced that Industrial and Commercial Bank of China (ICBC) was granted a patent for a "Method, storage method and device for offline synchronization of letter of credit data based on blockchain," with authorization announcement number CN112905611B. The patent application was filed in February 2021, signifying ICBC's continuous innovation and technological accumulation in the fintech sector

Industrial and Commercial Bank of China (ICBC) Secures Blockchain-Based Letter of Credit Data Synchronization Patent, Driving Fintech Innovation

On February 19, 2025, the State Intellectual Property Office of China announced that Industrial and Commercial Bank of China (ICBC) was granted a patent for a "Method, storage method and device for offline synchronization of letter of credit data based on blockchain," with authorization announcement number CN112905611B. The patent application was filed in February 2021, signifying ICBC's continuous innovation and technological accumulation in the fintech sector. This patent will further enhance ICBC's efficiency and security in international settlement, providing customers with more convenient and reliable financial services.

As one of China's largest commercial banks, ICBC has always placed a high priority on technological innovation and actively explores fintech applications. This patent represents another significant achievement in ICBC's application of blockchain technology. It addresses pain points in traditional letter of credit operations, such as information silos, data security, and low efficiency.

Traditional letter of credit operations rely on multiple parties, including issuing banks, beneficiaries, and advising banks, resulting in a lengthy and complex information transmission process prone to information asymmetry and data delays. This blockchain-based patent effectively solves these problems. Leveraging the decentralized, transparent, and tamper-proof nature of blockchain technology, it enables secure, efficient, and synchronized updates of letter of credit data, significantly improving operational efficiency, reducing costs, and enhancing data security.

Specifically, the patent's offline synchronization method ensures data synchronization even under unstable network conditions or network outages, which is crucial for remote areas or regions with poor network infrastructure. The proposed storage method ensures the secure and reliable storage of letter of credit data, preventing data loss or tampering. The patented device provides the necessary technical support for implementing these methods.

This patent not only demonstrates ICBC's strength in blockchain technology research and development but also showcases its continued investment in fintech innovation. ICBC will continue to increase R&D efforts, actively exploring further applications of blockchain technology in finance to provide superior financial services to its customers.

Tianyancha data shows that ICBC, established in 1985 and headquartered in Beijing, is a company primarily engaged in monetary financial services. It has registered capital of RMB 35,640,625,708.9 million and paid-in capital of RMB 24,800,000 million. Tianyancha's big data analysis reveals that ICBC has invested in 30 companies, participated in 5,000 bidding projects, holds 981 trademark registrations, 5,000 patents, and 75 administrative licenses. This data reflects ICBC's substantial size and influence in the financial sector.

As a large state-owned commercial bank, ICBC's exploration and innovation in fintech will set an important precedent for the entire financial industry. More financial institutions are expected to embrace blockchain technology, driving the digital transformation and upgrading of the financial industry. This patented technology will enhance ICBC's competitiveness and benefit the entire financial industry, fostering innovation and development of financial services.

ICBC's patent represents not only a technological breakthrough but also a proactive exploration of the future direction of fintech development. It demonstrates ICBC's commitment to using advanced technologies to improve service efficiency, ensure data security, and optimize customer experience. Through continuous technological innovation and application, ICBC will better serve the real economy and contribute to national economic development, solidifying its leading position in the domestic financial industry and enhancing its competitiveness in the international financial market. The successful application of this patented technology signals a new era for Chinese fintech.

ICBC adheres to a technology-driven development strategy, continuously increasing investment in fintech and actively exploring the application of emerging technologies such as artificial intelligence, big data, and cloud computing in finance to provide more intelligent and convenient financial services. This patent is a significant milestone in ICBC's fintech innovation journey, marking a breakthrough in blockchain technology application. ICBC will continue to pursue an innovation-driven development strategy, enhancing its technological innovation capabilities and creating greater value for its customers.