ICBC Awarded Patent for Blockchain-Based Letter of Credit Verification: Technological Innovation Drives Financial Service Upgrades

ICBC Awarded Patent for Blockchain-Based Letter of Credit Verification: Technological Innovation Drives Financial Service UpgradesOn March 28, 2025, the State Intellectual Property Office of China announced that Industrial and Commercial Bank of China Limited (ICBC) was granted a patent for a "Method and Apparatus for Processing Letter of Credit Verification Data Based on Blockchain," with authorization announcement number CN113159932B. The patent application was filed in May 2021

ICBC Awarded Patent for Blockchain-Based Letter of Credit Verification: Technological Innovation Drives Financial Service Upgrades

On March 28, 2025, the State Intellectual Property Office of China announced that Industrial and Commercial Bank of China Limited (ICBC) was granted a patent for a "Method and Apparatus for Processing Letter of Credit Verification Data Based on Blockchain," with authorization announcement number CN113159932B. The patent application was filed in May 2021. This achievement marks a significant breakthrough for ICBC in financial technology innovation, further enhancing its competitiveness in international settlements and laying a solid foundation for future upgrades in its financial services.

Established in 1985 and headquartered in Beijing, ICBC is a large state-owned commercial bank committed to providing comprehensive financial services. With registered capital of RMB 35,640,625,708,900 and paid-in capital of RMB 24,800,000,000,000, its strong capital base provides robust support for its continued development and innovation. Over the years, ICBC has actively expanded its business, participated in market competition, and achieved remarkable success. According to Tianyancha data, ICBC has invested in 30 companies and participated in over 5,000 bidding and tendering projects, demonstrating its strong market influence and expansion capabilities. Furthermore, ICBC excels in intellectual property, holding 981 trademark registrations, 5,000 patent registrations, and 76 administrative licenses, reflecting its commitment to technological innovation and brand building.

The "Method and Apparatus for Processing Letter of Credit Verification Data Based on Blockchain" patent is the culmination of ICBC's continuous investment and technological accumulation in the fintech field. Letters of credit, crucial payment instruments in international trade settlements, typically involve multiple parties in the verification process, leading to complex procedures, low efficiency, and potential human errors and information asymmetry. Blockchain technology effectively addresses these issues. Its decentralized, transparent, and immutable nature ensures secure, efficient, and transparent processing of letter of credit verification data, significantly improving efficiency, reducing risks, and enhancing customer experience.

This patented technology will have a profound impact on ICBC's international settlement business. ICBC can use this technology to optimize its letter of credit processes, improve efficiency, reduce operational costs, and strengthen its market competitiveness. The technology can also support other financial services, such as supply chain finance and trade finance, further solidifying ICBC's leading position in fintech.

ICBC has always prioritized technological innovation as a key strategic driver for business growth. This patent is not only a demonstration of its technological prowess but also reflects its commitment to continuous innovation and the adoption of new technologies. ICBC will continue to increase investment in technology, actively explore and apply new technologies, and provide safer, more efficient, and convenient financial services for its customers, contributing to the digital transformation of China's financial industry. ICBC's development journey and innovative achievements offer valuable experience and insights for other financial institutions and inject new vitality into the future development of China's financial industry.

This patent not only underscores ICBC's leading position in fintech but also signifies the future direction of financial services toward greater security, efficiency, and transparency. This will not only improve the efficiency and security of international trade but also contribute to the healthy development of the global economy. ICBC's continuous innovation and development set an example for the progress and internationalization of China's financial industry. Through continuous technological updates and iterations, ICBC will further consolidate its leading position in the financial field and create greater value for its customers. This blockchain-based innovation will undoubtedly be a key driver of ICBC's future development, leading financial services to new heights.