WeBank's Technological Innovation Achieves Breakthrough: Patent Granted for Ciphertext Storage Method Based on Signature Witness and Identity-Based Encryption

WeBank's Technological Innovation Achieves Breakthrough: Patent Granted for Ciphertext Storage Method Based on Signature Witness and Identity-Based EncryptionOn February 13, 2025, the State Intellectual Property Office of China announced that WeBank (Shenzhen Qianhai WeBank Co., Ltd

WeBank's Technological Innovation Achieves Breakthrough: Patent Granted for Ciphertext Storage Method Based on Signature Witness and Identity-Based Encryption

On February 13, 2025, the State Intellectual Property Office of China announced that WeBank (Shenzhen Qianhai WeBank Co., Ltd.) successfully obtained a patent for its "Ciphertext Storage Method and System Based on Signature Witness and Identity-Based Encryption," with publication number CN119402187A and application date October 2024. This patent marks another significant technological breakthrough for WeBank in the FinTech sector, further solidifying its leading position in providing secure and efficient digital financial services.

The patent addresses existing security and efficiency issues in ciphertext storage methods. Current techniques face challenges such as increased data leakage risks, low storage efficiency, and complex key management. WeBank's patented method offers a novel solution based on signature witness and identity-based encryption, effectively overcoming these difficulties.

The patent abstract details the core technology. The method first obtains , the number of blockchain nodes participating in the ciphertext storage. Each node independently selects a random number xi. Then, based on pre-set generator parameters in a prime-order bilinear group and the random numbers, the public key PKi for each node is calculated. The public keys are compiled into a public key set and placed in a smart contract. Next, the system obtains multiple ciphertexts K, signature objects Ti, and L, storing 1 sets of these results in the smart contract. Finally, the system retrieves the 1 sets of results, performs an aggregate computation using the 1 public keys and signatures to obtain an aggregate signature , and uses the aggregate signature and a public key set U to decrypt the ciphertext ct, ultimately retrieving the multiple ciphertexts K.

The innovation lies in the ingenious combination of signature witness and identity-based encryption. The signature witness mechanism ensures data integrity and non-repudiation, preventing malicious modification or forgery. Identity-based encryption guarantees that only authorized users can access the ciphertext, protecting data confidentiality. This combination significantly enhances ciphertext storage security and reduces key management complexity.

This blockchain-based distributed storage method improves data security, storage efficiency, and scalability. Distributed storage avoids single points of failure; even if some nodes fail, the system remains operational, ensuring data availability. Automated execution via smart contracts reduces manual intervention, improving efficiency and lowering operational costs.

As a leading internet bank, WeBank has always prioritized technological innovation and R&D investment. This successful patent application is a testament to its long-term commitment to R&D and its strong capabilities in FinTech. It demonstrates WeBank's dedication to providing safer, more convenient, and efficient financial services.

According to Tianyancha data, Shenzhen Qianhai WeBank Co., Ltd., established in 2014, has registered capital of RMB 391.82 million and paid-in capital of RMB 300 million. To date, WeBank has participated in 59 bidding projects, holds 787 trademarks, 3445 patents, and 110 administrative licenses. These figures demonstrate WeBank's strong market competitiveness and its sustained leadership in innovation.

WeBank consistently uses technology to drive development, exploring innovative FinTech applications and promoting the digital transformation of the financial industry. This patent for the ciphertext storage method and system will further enhance WeBank's data security and privacy protection capabilities, laying a solid foundation for future business development. This technology will also serve as a valuable reference for other financial institutions, driving improvements in security and efficiency across the industry. This innovative move will have a profound impact on the future of FinTech.

The successful patent application not only showcases WeBank's technological prowess but also reflects its commitment to data security and user privacy. WeBank will continue to invest in R&D to provide safer, more reliable, and convenient financial services, driving sustained FinTech development. Its continuous innovation will significantly contribute to the digital transformation of the Chinese financial industry, setting a new benchmark for the global FinTech sector in data security and privacy protection.

This success will undoubtedly give WeBank a competitive edge, enhancing its market standing, brand image, and social influence. WeBank will continue to embrace innovation, creating greater value for users and contributing significantly to the development of Chinese FinTech. The patent's broad application prospects suggest future expansion into diverse fields, further driving innovation. WeBank's success provides valuable experience and learning for other financial institutions.

In summary, WeBank's successful patent application for the ciphertext storage method and system based on signature witness and identity-based encryption is a testament to its continuous innovation and technological accumulation in FinTech, marking a significant breakthrough in data security and privacy protection. This will have a profound impact on the future of FinTech and significantly contribute to the digital transformation of the financial industry.