Chinese banks are evolving frequently keen on joining blockchain-related patents – and specialists said they consider that commercial institutions are amplifying core technology that will see them create new business standards in the years ahead.
Per media outlet Mars Finance, state-owned commercial banking giants like the Industrial and Commercial Bank of China and the Bank of China have “quietly announced a number of blockchain-related patents of late” in recent weeks, with blockchain-based bank terminal, data document editing, cross-border trade financing, and security-related patents all lodged with the Chinese intellectual property (IP) regulator, the National Intellectual Property Administration.
The media outlet cited numerous banking and IT experts based in the country as stating that one of the reasons why banks want to move so swiftly in the R&D field is to develop their core technology and avoid having to pay expensive IP fees further down the line – as Chinese firms have lodged hundreds of blockchain-related patents in recent years.
Mars Finance suggested that there is also an apparent backlog of blockchain patent applications, with one bank only having one application approved thus far, and another 15 still pending.
A professor at Shanghai University’s blockchain center also reckoned that registering blockchain-related patents addresses an industry-wide message to clients and competitors – demonstrating that banks mean business when it comes to utilizing a new technology.
The professor continued that there is something of an information war raging in the banking sector now. Developing proprietary unique blockchain-based technological infrastructure will help companies build up their defenses – or go on the offensive.
The professor insisted that banks could also seek to develop blockchain patents as a revenue source – likely looking to sell their IP to other financial institutions in the country.