ICBC Files Patent for Smart Contract-Based Synchronization Technology, Poised to Enhance Financial Service Efficiency

ICBC Files Patent for Smart Contract-Based Synchronization Technology, Poised to Enhance Financial Service EfficiencyOn January 18, 2025, the State Intellectual Property Office of China revealed that Industrial and Commercial Bank of China Limited (ICBC) filed a patent application titled "Synchronization Method, Device, Electronic Equipment and Medium Based on Smart Contract," with publication number CN119311767A. The application date was September 2023

ICBC Files Patent for Smart Contract-Based Synchronization Technology, Poised to Enhance Financial Service Efficiency

On January 18, 2025, the State Intellectual Property Office of China revealed that Industrial and Commercial Bank of China Limited (ICBC) filed a patent application titled "Synchronization Method, Device, Electronic Equipment and Medium Based on Smart Contract," with publication number CN119311767A. The application date was September 2023. This patent signifies a significant step forward for ICBC in leveraging blockchain technology to improve financial service efficiency and offers new avenues for exploring future fintech development.

The patented technology centers on a smart contract-based synchronization method applicable to finance and other relevant fields. Its core lies in utilizing smart contracts within a blockchain system to achieve efficient and secure synchronization operations. The patent abstract details the method's steps: first, the system responds to a customer's online signing transaction and precisely locates the transaction's block; next, it determines the block's hash value for authentication; after successful verification, it assigns an access address to the smart contract program; finally, based on preset trigger conditions and the smart contract's access address, the system executes the program. The entire process is efficient, secure, and automated, promising to significantly enhance the efficiency and security of financial transactions.

The patent application also includes descriptions of smart contract-based synchronization devices, electronic equipment, and storage media, indicating ICBC's comprehensive technological strategy aimed at practical application. This holistic approach, encompassing both method and application, demonstrates ICBC's commitment to the technology and confidence in its future prospects. Technically, the patent leverages the automation of smart contracts and the immutability of blockchain technology to ensure the reliability and transparency of financial transactions, significantly improving efficiency and security.

As one of China's largest commercial banks, ICBC has consistently explored fintech innovation. This patent application further underscores its commitment to continuous innovation in the fintech sector. ICBC's extensive experience and strong technical capabilities in the financial field provide a solid foundation for its fintech innovations. Its robust R&D capabilities and market influence position it to rapidly deploy this technology in its operations, delivering more convenient, secure, and efficient financial services to its customers.

ICBC's history reflects its continuous investment in technological innovation. Tianyancha data shows that ICBC, established in 1985, boasts registered capital of RMB 35,640,625,708.9 million and paid-in capital of RMB 24,800,000 million. This substantial capital base strongly supports its R&D and innovation efforts. Furthermore, ICBC has invested in 30 companies, participated in 5,000 bidding and tendering projects, holds 953 trademark registrations and 5,000 patent applications, and possesses 74 administrative licenses. These figures demonstrate ICBC's strength and influence, highlighting its significant achievements in technological innovation.

The successful filing of this patent application will further solidify ICBC's leading position in fintech. Through its self-developed core technology, ICBC can better control technological risks, improve service levels, and enhance its market competitiveness. This also provides a valuable benchmark for other financial institutions, driving technological advancement across the industry.

The patent's application prospects are extensive. In finance, it can be applied to payment settlement, asset management, and risk control, improving transaction efficiency, reducing operational costs, and enhancing security. For example, in cross-border payments, it can significantly reduce transaction times and fees, improving customer experience. In asset management, it can enhance transparency and efficiency while mitigating risks. In risk control, it can effectively prevent fraud and money laundering.

Beyond finance, applications extend to supply chain management and digital copyright protection. In supply chain management, it enables real-time sharing and traceability of supply chain information, improving efficiency and transparency. In digital copyright protection, it safeguards digital rights against piracy and infringement.

In conclusion, ICBC's smart contract-based synchronization technology patent is highly innovative and possesses vast application potential. This represents a significant breakthrough for ICBC in fintech and provides a new direction for the financial industry. As the technology matures and is widely adopted, it will deliver more convenient, secure, and efficient financial services, driving continuous fintech innovation and development. ICBC's initiative will have a profound impact on the entire financial industry, warranting ongoing attention to its subsequent application and development. Successful application will not only enhance ICBC's core competitiveness but also contribute to the rise of Chinese fintech. We can expect further blockchain-based innovations to emerge, bringing greater convenience to people's lives.