ICBC Files Patent for "Blockchain-Based Method and Apparatus for Signing Fee Reduction Agreements," Enhancing Financial Service Efficiency

ICBC Files Patent for "Blockchain-Based Method and Apparatus for Signing Fee Reduction Agreements," Enhancing Financial Service EfficiencyOn April 7, 2025, the State Intellectual Property Office of China revealed that Industrial and Commercial Bank of China Limited (ICBC) filed a patent application for a "Blockchain-Based Method and Apparatus for Signing Fee Reduction Agreements," with publication number CN119762197A and an application date of September 2023. This patent marks a significant step forward for ICBC in leveraging blockchain technology to improve financial service efficiency and foreshadows innovative changes in future financial service models

ICBC Files Patent for "Blockchain-Based Method and Apparatus for Signing Fee Reduction Agreements," Enhancing Financial Service Efficiency

On April 7, 2025, the State Intellectual Property Office of China revealed that Industrial and Commercial Bank of China Limited (ICBC) filed a patent application for a "Blockchain-Based Method and Apparatus for Signing Fee Reduction Agreements," with publication number CN119762197A and an application date of September 2023. This patent marks a significant step forward for ICBC in leveraging blockchain technology to improve financial service efficiency and foreshadows innovative changes in future financial service models.

The patent aims to address the errors and omissions often associated with manual fee reduction processes. The patent abstract indicates that this blockchain-based method and apparatus for signing fee reduction agreements can be widely applied in fintech and other technological fields. Its core methodology comprises several steps: first, determining the appropriate fee reduction agreement smart contract for a target customer based on their credit rating and a pre-set correspondence between credit ratings and smart contracts within the blockchain system. Second, signing a fee reduction agreement for the target customer based on the determined smart contract and the customer's information. Finally, uploading the signed fee reduction agreement to the blockchain system to ensure its authenticity, integrity, and immutability.

This technology leverages blockchain's inherent characteristics to automate and enhance the transparency of the fee reduction process. The automated execution of smart contracts effectively prevents errors and oversights in manual operations, improving efficiency and reducing risks. Furthermore, the immutability of blockchain technology guarantees the agreement's authenticity and security, providing customers with a more reliable service experience.

Compared to traditional fee reduction methods, this blockchain-based technology offers significant advantages. Traditional methods typically rely on manual review and processing, leading to cumbersome procedures, low efficiency, and a higher likelihood of human error and operational risks. In contrast, this blockchain-based technology, through the automated execution of smart contracts, significantly enhances efficiency, minimizes manual intervention, and reduces error rates. Additionally, blockchain's distributed ledger technology ensures the transparency and security of the agreement, boosting customer trust.

As one of China's largest commercial banks, ICBC has been committed to driving fintech innovation and exploring new technologies to enhance service quality and efficiency. This patent application is a testament to ICBC's active exploration and practice in the fintech field. Successful implementation of this technology will positively impact ICBC's business development and provide valuable reference and insights for the entire financial industry.

Importantly, the application of this patent technology is not limited to the financial sector. Its core technologyblockchain-based smart contractscan be applied to other areas requiring agreement signing and management, such as supply chain management and digital copyright management. This demonstrates the technology's broad potential applications and significant market prospects.

Furthermore, as a large state-owned commercial bank, ICBC possesses substantial financial and technical capabilities. Its investment and R&D in blockchain technology reflect its accurate grasp of and proactive response to future trends in fintech development.

According to Tianyancha data, Industrial and Commercial Bank of China Limited was established in 1985, is located in Beijing, and is primarily engaged in monetary financial services. The company has a registered capital of 35,640,625.7089 million RMB and a paid-in capital of 24,800,000 million RMB. Its strong economic strength provides a solid foundation for its continued investment in fintech.

Tianyancha data also shows that ICBC has invested in 30 companies, participated in 5,000 bidding projects, holds 981 trademarks, and possesses 5,000 patents, along with 76 administrative licenses. These data demonstrate ICBC's strong market competitiveness and widespread influence.

In conclusion, ICBC's patent application for the "Blockchain-Based Method and Apparatus for Signing Fee Reduction Agreements" not only showcases its innovative capabilities in fintech but also provides a new direction for improving financial service efficiency. The successful application of this technology will positively impact ICBC's business development and the broader financial industry. The underlying strength ICBC exhibits in technological innovation and market competition warrants further consideration. Future financial services will be more convenient, efficient, and secure, with blockchain technology undoubtedly playing an increasingly crucial role. ICBC's patent application provides strong support for this trend. Technological advancements ultimately aim to better serve people and create greater value for customers. With the mature application of this technology, more customers will benefit from more convenient and efficient financial servicesthe ultimate goal of fintech development. ICBC's patent application is a significant step towards achieving this goal.