In line with Wallebi, China is the pioneer in blockchain technology field. Not only the banks in China are working to release their own CBDC, but also they try to register more blockchain patents. In fact, Chinese banks are keen to register blockchain patents more than other countries.
Experts believe that financial institutions will create new business models in the future years. They create by developing core technology in this field.
Chinese banks are keen to register blockchain patents; the documents are already submitted
Recently, the Bank of China and Industrial and Commercial Bank of China announced that they planned to register new blockchain-related patents. Mars Finance reported the patents are related to blockchain-based bank terminal, cross-border trade financing, data document editing and security related patents. They all already submitted to Chinese intellectual property (IP) regulator. IP is the National Intellectual Property Administration in China.
The banking and IT experts in China discussed the reasons why Chinese banks are rushing to register new patents. In fact, the most important reason is that banks in China want to develop their own core technology. They do in order to prevent paying expensive IP fees. As a result, the banks are moving so quickly in the R&D field, and they submitted hundreds of blockchain-related patents in the past few years.
One patent approved so far and 15 still pending
Mars Finance reported that one bank has one application approval so far. There are 15 applications, which are still pending.
One of the professors at Shanghai University’s blockchain center commented about enhancement in registering new blockchain related patents. He believes that it could be a message to other institutions that banks meaning business when it comes to accepting new technology.
He added banks are also able to make a revenue by developing and registering blockchain patents. They would be able to simply sell their IP to other financial institutions in China.