Tencent Obtains Blockchain-Based Engineering Bidding Management Patent, Poised to Revolutionize Industry Efficiency

Tencent Obtains Blockchain-Based Engineering Bidding Management Patent, Poised to Revolutionize Industry EfficiencyOn December 31, 2024, the State Intellectual Property Office of China (SIPO) announced that Tencent Technology (Shenzhen) Co., Ltd

Tencent Obtains Blockchain-Based Engineering Bidding Management Patent, Poised to Revolutionize Industry Efficiency

On December 31, 2024, the State Intellectual Property Office of China (SIPO) announced that Tencent Technology (Shenzhen) Co., Ltd. ("Tencent Technology") was granted a patent for a "Method, Device, Terminal, and Storage Medium for Engineering Bidding Management Based on Blockchain," with authorization announcement number CN110765211B. The application date was November 2019. This patent marks a significant breakthrough for Tencent in leveraging blockchain technology to improve the efficiency of engineering bidding management and foreshadows a potential transformation of future engineering tendering processes.

Established in 2000 with a registered capital of US$2 million and headquartered in Shenzhen, Tencent Technology primarily operates in the software and information technology services industry. As a company with deep expertise in technology, Tencent Technology actively explores the application of advanced technologies across various sectors to enhance efficiency and transparency. This patent represents a significant step forward in its commitment to technological innovation and industrial application.

According to Tianyancha (a Chinese business information provider), Tencent Technology has demonstrated strong vitality and expansion capabilities throughout its development. As of now, the company has invested in 16 enterprises and participated in 255 bidding projects, reflecting its proactive involvement and influence in the market. Furthermore, Tencent Technology boasts a substantial intellectual property portfolio, including over 5,000 trademark registrations and 5,000 patents, showcasing its strong R&D capabilities and innovative prowess. This extensive IP portfolio is a cornerstone of Tencent Technology's continued growth and market competitiveness. In addition, its 342 administrative licenses demonstrate its strong compliance and business expansion capabilities.

The core of the "Method, Device, Terminal, and Storage Medium for Engineering Bidding Management Based on Blockchain" patent lies in utilizing the tamper-proof, transparent, and traceable characteristics of blockchain technology to optimize traditional engineering bidding management processes. Traditional engineering bidding processes often suffer from information asymmetry, low efficiency, and susceptibility to manipulation. Blockchain technology effectively addresses these issues. By recording bidding information transparently and publicly on the blockchain, all participants can view the information in real-time, ensuring consistency and authenticity, and effectively mitigating risks associated with information asymmetry. Furthermore, the automation inherent in blockchain technology streamlines the bidding process, improving efficiency and reducing labor costs. Crucially, the immutability of blockchain prevents manipulation, ensuring fair and impartial bidding procedures.

This patented technology is expected to have a profound impact on the engineering bidding industry. By enhancing transparency, efficiency, and security, it can significantly improve the overall operational efficiency of the industry, reduce costs, and promote fair competition. This benefits not only enterprises but also the broader socio-economic development. In the future, we can expect this technology to be applied to more engineering projects, bringing further innovation and progress to the industry. As a leader in technological innovation, Tencent Technology's patent grant reaffirms its strength in technology R&D and industrial application, setting a valuable precedent for other companies. The successful application of this technology will play a positive role in promoting national infrastructure construction, optimizing resource allocation, and stimulating economic growth.

It is noteworthy that the patent application, submitted in November 2019, underwent years of review and refinement before being granted in 2024. This reflects the SIPO's recognition of the technological innovation and indicates that the technology has reached a certain level of maturity and practicality. It also highlights Tencent Technology's sustained investment and patience in technology R&D, laying a solid foundation for its ultimate success. In the future, as this technology is further refined and promoted, it is expected to play an even greater role in the engineering bidding field, driving more positive changes. Tencent Technology's success in exploring blockchain technology applications provides valuable experience and inspiration for other technology companies.

Tencent Technology possesses strong technical capabilities and extensive industry experience. Its continued investment and innovation in blockchain technology deserve industry attention and emulation. The acquisition of this patent is not only a significant milestone in Tencent Technology's own development but also heralds a more transparent, efficient, and secure future for engineering bidding management. We will continue to monitor Tencent Technology's progress in blockchain technology applications and look forward to its further innovation and breakthroughs in the industry.