According to a patent application submitted by ICBC through China’s State Intellectual Property Office (SIPO), users will be able to save time as the state-owned commercial bank, ICBC, now plans to use blockchain technology to remedy the issue of repetitive document filling by users when issuing out certificates across different entities.
Chinese Government Shows Increasing Interest in Blockchain
This new move by the ICBC, which is one of the top four largest state-owned commercial banks in the country, is another indicator of the interest from the Chinese government in blockchain’s utility. In addition to the patent application from the ICBC going public, the Bank of China has also moved to submit a patent application that is set to improve data storage and processing capacity on the blockchain. Although the patent application by the bank of China is still under review, the Bank of China has already moved to partner up with the country’s leading Internet solutions provider in a move that is set to start trials for the blockchain application.
How the ICBC Blockchain Will Work
The Industrial and Commercial Bank of China (ICBC) was able to apply for the patent through the State Intellectual Property Office with an aim of developing a technology that proposes to increase efficiency in the issuing of certificates to users.
The patent application document indicates that although traditionally users have had to manually “obtain a certificate from the authority that issues it” the process has mostly been prone to “counterfeit issues” due to the inefficiencies therein.
With the new patent going public, the bank is set to develop a system that will automate the entire process by seamlessly matching a certificate’s details with a user’s credentials. In addition, the data will be encrypted as soon as the certificate application is approved then the data will be stored on a blockchain network, where other authorized entities will have easy access.
By this nature, the currently existing bottlenecks that certificate applicants and users have had to face when submitting their documents across different entities will be eliminated
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Do you think the move by top state-owned entities in China towards blockchain technology is a sign of the country’s acceptance of cryptocurrencies as well? Share your thoughts and opinions with us in the comments section.