First blockchain patent published by Chinese bank ICBC
ICBC (Industrial and Commercial Bank of China) – one of the largest commercial banks in China, owned by the state – is exploring the possibility of authenticating digital documents and storing data on a public blockchain, writes CoinDesk.
According to a patent application filed with the State Intellectual Property Office of the People’s Republic of China (SIPO), the bank wants to use the blockchain system to improve the efficiency of document issuance and save users from having to submit the same document to different authorities..
The technology described in the patent involves a system where the publisher of a document first digitally correlates user credentials with a specific document. Once approved, the data is encrypted and moved to the blockchain, which updates the distributed ledger of several departments that may request this document.
The system then encrypts this data with other user credentials and allows departments to view certified documents in digital format, thereby streamlining the workflow.
The patent application was filed with SIPO in November 2017 and was published on Friday. For ICBC, this is the first blockchain-related patent application..
The application says that the reason for the technological research of the issue was a problematic situation when consumers are constantly required to provide different departments with the same document (for example, birth certificate, marriage certificate, training, etc.).
“Typically, users have to obtain documents from the issuing agency, and this is done manually. In the future, if necessary, they provide these documents to departments. This is an ineffective process, accompanied by the problem of issuing false documents, ”the bank writes..
This is not the first time that a government-owned commercial bank in China has tried to use blockchain technology to store and exchange data..
For example, Bank of China recently filed a patent application in which it spoke about a technology designed to improve the storage and processing of data on the blockchain..