China Construction Bank (CCB) Files Blockchain Payment Patent: Enhancing Cross-Border Payment Efficiency, Reducing Costs, and Clarifying Responsibility

China Construction Bank (CCB) Files Blockchain Payment Patent: Enhancing Cross-Border Payment Efficiency, Reducing Costs, and Clarifying ResponsibilityChina Construction Bank Corporation (CCB) filed a patent application in September 2024 for a payment method, device, electronic equipment, and storage medium, with publication number CN119250808A. This patent, published on January 8, 2025, by the State Intellectual Property Office of China, falls under the blockchain technology domain and aims to revolutionize payment methods, enhancing cross-border payment efficiency, reducing costs, and clarifying liability

China Construction Bank (CCB) Files Blockchain Payment Patent: Enhancing Cross-Border Payment Efficiency, Reducing Costs, and Clarifying Responsibility

China Construction Bank Corporation (CCB) filed a patent application in September 2024 for a payment method, device, electronic equipment, and storage medium, with publication number CN119250808A. This patent, published on January 8, 2025, by the State Intellectual Property Office of China, falls under the blockchain technology domain and aims to revolutionize payment methods, enhancing cross-border payment efficiency, reducing costs, and clarifying liability.

The core of this patented technology lies in optimizing the payment process using blockchain technology. The specific method involves: first, nodes in the blockchain network receiving payment requests from the acquiring system; second, achieving block consensus on the payment information contained in the request; third, sending the payment request to a message server; fourth, the payment system initiating on-chain payment preparation upon receiving the request; fifth, sending a payment processing instruction after completing the on-chain preparation; sixth, processing the payment based on the payment information; seventh, achieving block consensus on the payment result; and finally, sending the payment result to the message server, with the acquiring system displaying the response information.

CCB aims to address the inefficiencies and high costs associated with traditional cross-border payments through this process. Traditional methods often involve multiple intermediaries, such as banks and payment service providers, increasing processing time and transaction costs. CCB's patented technology leverages the decentralized nature of blockchain to reduce reliance on intermediaries, simplifying the payment process and significantly improving efficiency and reducing costs.

The patent abstract emphasizes the role of blockchain's immutability in resolving payment disputes. In traditional systems, dispute resolution can be complex and time-consuming. The immutability of a blockchain-based system allows for clear recording of the entire payment process, facilitating easy traceability and efficient dispute resolution, ensuring transaction security.

As one of China's largest commercial banks, CCB is committed to driving innovation in financial technology. This blockchain payment patent application demonstrates its ongoing exploration and innovation in this field. Its application will not only enhance CCB's competitiveness but also positively impact the broader financial industry. It is expected to drive transformation in cross-border payments, providing consumers and businesses with more convenient, efficient, and secure payment services.

Established in 2004 and headquartered in Beijing, CCB is primarily a monetary financial services provider. According to Tianyancha data, CCB has a registered capital of RMB 25,001,097.7486 million and a paid-in capital of RMB 19,423,025 million. Furthermore, CCB actively participates in market competition and development, with investments in 47 companies, participation in 5,000 bidding projects, 1,856 trademark registrations, 5,000 patent applications, and 143 administrative licenses. This data underscores CCB's substantial strength and extensive influence.

CCB's blockchain payment patent application further demonstrates its continued innovation and investment in financial technology. This technology optimizes payment processes, improves efficiency, reduces costs, and effectively resolves payment disputes, ensuring transaction security. This is significant for advancing China's fintech development and enhancing its competitiveness in the global financial market.

Successful application of this patented technology will revolutionize cross-border payments. Consumers and businesses will benefit from more convenient, efficient, and secure payment services, promoting international trade and economic cooperation. The technology's widespread adoption will also enhance the international competitiveness of China's financial industry and promote the global reach of Chinese fintech.

CCB's proactive embrace of fintech and continuous technological innovation sets a positive example for the financial industry. This blockchain payment patent application solidifies CCB's leadership in fintech and provides strong momentum for its future development.

The continued maturation of blockchain technology and the expansion of its applications will further enhance the impact of CCB's patent in the future, contributing significantly to the development of Chinese fintech and international financial cooperation. CCB's continuous innovation not only enhances its core competitiveness but also injects new vitality into the entire financial industry. Its exploration and practice in blockchain technology provide valuable experience and guidance for other financial institutions, driving the transformation and upgrading of the entire industry.

CCB's blockchain payment patent application marks a significant step forward in its fintech journey. This is not only a testament to its technological capabilities but also a clear indication of its future direction. It is expected that CCB will continue to embrace innovation, actively explore fintech applications, and provide consumers and businesses with even higher-quality financial services.

Through continuous technological innovation and strategic planning, CCB will continue to lead the development of Chinese fintech and contribute significantly to building a safer, more efficient, and convenient financial ecosystem. Its application and exploration of blockchain technology will provide important experience and reference for the digital transformation of China's financial industry.