Two of China's largest state banks have registered a number of blockchain patents as both continue to expand the center of the People's Bank of China (PCB) which is rapidly expanding, which boasts of a digital yuan pilot.
According to the NBD media outlet, the banks in question are the Industrial and Commercial Bank of China (ICBC) and the Bank of China, two of the four largest state banks in China. Along with other members of the "big four", the Construction Bank of China and the Agricultural Bank of China, state banks are now issuing digital yuan tokens in digital wallets hosted on their apps.
However, the four banks, and the ICBC and Bank of China in particular, have been pursuing a variety of blockchain-powered business avenues, particularly in the area of cross-border trade finance for small and medium-sized exporters.
Among the banks' most recent patents are the following: ICBC has registered patents for a blockchain consensus system, a blockchain-based document editing platform, a blockchain-powered terminal update protection system, and a storage platform. blockchain-based distributed database.
Meanwhile, the news outlet adds, the Bank of China has also recently filed patent applications for a blockchain-based information management system, a blockchain donation platform, and a personal information network that makes use of blockchain technology.
Chinese companies have been particularly active in the blockchain patent game of late, with large e-commerce platforms such as Alibaba and its financial technology affiliates, as well as the e-commerce platform JD.com, the smartphone maker Huawei and the entertainment giant Tencent, All leading the way.