China Construction Bank's Patent Application: Streamlining Third-Party Custody Procedures Without Requiring Third-Party Custody Qualifications

China Construction Bank's Patent Application: Streamlining Third-Party Custody Procedures Without Requiring Third-Party Custody QualificationsOn December 2, 2024, the State Intellectual Property Office of China revealed that China Construction Bank Corporation (hereinafter referred to as "CCB") filed a patent application titled "Resource Processing Method, Device, Equipment, Medium and Product" (Publication No. CN119048215A), with an application date of August 2024

China Construction Bank's Patent Application: Streamlining Third-Party Custody Procedures Without Requiring Third-Party Custody Qualifications

On December 2, 2024, the State Intellectual Property Office of China revealed that China Construction Bank Corporation (hereinafter referred to as "CCB") filed a patent application titled "Resource Processing Method, Device, Equipment, Medium and Product" (Publication No. CN119048215A), with an application date of August 2024. The core of this patent application lies in simplifying third-party custody business processes and offering a novel solution for institutions lacking the necessary third-party custody qualifications.

The patent abstract indicates that this patent involves an innovative resource processing method designed to optimize resource transfer processes, particularly for fund transfers between digital currency and accounts. The method begins by receiving a resource transfer request from the target institution's server. This request contains crucial information such as the target account information corresponding to the target institution's account, the target wallet information corresponding to the target user's digital currency wallet, and the specific amount of resources to be transferred. It's noteworthy that this digital currency wallet must be linked to the first account.

The resource processing method described in the patent application then responds to the resource transfer request. The system, based on the target account and wallet information, transfers funds between the target institution's account and the digital currency wallet according to the specified amount in the request. Upon completion, the system generates a resource transfer result. This result is then sent back to the target institution's server, allowing the server to update the resource balance in the target user's account accordingly.

The ingenuity of this process lies in its innovation upon the traditional third-party custody model. Traditional third-party custody requires institutions to possess the relevant qualifications and involves complex procedures. CCB's patent application proposes a method that circumvents these limitations. Through the technical means described in the patent, even institutions without third-party custody qualifications can provide users with similar services. This significantly lowers the barrier to entry for participating institutions and simplifies the user experience.

The "resources" mentioned in the patent application are not limited to monetary funds but can be broadly applied to various digital assets. This indicates a wide range of applications for the patented technology, demonstrating strong practicality and market potential. The application of this patented technology can effectively improve fund transfer efficiency, reduce operational costs, and provide users with a more convenient financial service experience.

Further analysis reveals the significance of this patent application in driving fintech innovation. It proposes a new technical solution that addresses many problems inherent in traditional third-party custody models, such as high barriers to entry and complex procedures. This will help promote the innovative development of fintech and the popularization of financial services.

Specifically, the application of this patented technology can bring the following benefits:

• Lowered Barriers to Entry: Institutions without third-party custody qualifications can also provide similar services, expanding the reach of financial services.

• Simplified Operating Procedures: User operations are more convenient, reducing cumbersome steps and improving user experience.

• Improved Efficiency: Fund transfers are faster, making the entire process more efficient.

• Enhanced Security: Although the patent abstract doesn't detail the security mechanisms, a well-designed process and technology can ensure the security of fund transfers.

• Promotion of Financial Innovation: This patented technology provides new ideas and directions for fintech innovation, driving industry development.

From a technical perspective, the core of this patent application lies in its optimization of the resource transfer process and simplification of procedures. Through ingenious design, it bypasses some limitations of the traditional third-party custody model, providing a new solution for institutions lacking the relevant qualifications. This reflects CCB's innovative capabilities and technological strength in the fintech field.

In conclusion, China Construction Bank's patent application for "Resource Processing Method, Device, Equipment, Medium and Product" provides a new approach to simplifying third-party custody procedures, possessing significant market value and technological significance. It is expected to drive the digital transformation of the financial industry and bring users a more convenient and efficient financial service experience. The successful application of this patented technology will have a profound impact on the fintech sector. Its application could extend beyond digital currencies to encompass the management and transfer of other digital assets, further enhancing efficiency and security, and bringing new development opportunities to the financial industry. In the future, we can expect further application and development of this technology, contributing to the construction of a more perfect financial ecosystem. CCB's innovative initiative also provides valuable reference for other financial institutions, driving the entire industry towards a more convenient, secure, and efficient direction.