First Blockchain Patent Of ICBC Is Now Publicly Available
The Industrial and Commercial Bank of China (ICBC) which is one of the country’s four largest governmental commercial banks, is studying a way to confirm digital certificates and store data in a sharable blockchain.
In accordance with the copyright certificate filed with China’s State Intellectual Property Office (SIPO), the bank seeks to use a blockchain system to enhance the performance and impact of certificate issuance and save users from repeatedly filing the same document to multiple entities.
Patent-based technology advertises a system in which the issuer of the certificate first associates the user’s credentials with a specific certificate in digital form. Once approved, the data will be encrypted and moved onto a blockchain, which will update the distributed book belonging to the various organizations that may require this certificate.
In addition decrypting the data with users’ specific credentials, the system will allow entities to view an authenticated document digitally to streamline its operation flow.
The patent, first blockchain-related one filed by the bank with the SIPO, was first submitted in November 2017 and released on Friday.
It described that technological research is associated with the current pain point where consumers constantly need to present the same evidence – for example, about birth, marriage or education – with the different entities whom they are dealing with.
The bank wrote in the document, “Traditionally users have to obtain a certificate from an authority that issues it, which does that manually. And then they present it to entities that require the certificate. This process is inefficient and poses the counterfeit issue.”
The copyright certificate marks another effort taken by a Chinese governmental commercial bank to use blockchain technology in data storage and sharing.
Lately, Bank of China has also detailed in a patent application its move to develop a technology that it claims to be better able to enhance blockchain’s data storage and process capacity.