The Industrial and Commercial Bank of China (ICBC), which is one of the country's four biggest state-owned commercial banks, is investigating a way to validate digital certificates and enable the institution to store data in a sharable blockchain.
According to a patent submission filed with China's State Intellectual Property Office (SIPO), the bank seeks to utilize a blockchain system to advance the efficiency of certificate provision and save users from continually filing the same file to multiple entities.
The patent application blots another effort carried out by a Chinese state-owned commercial bank to use blockchain technology in data sharing and storage.
[Video] ICBC's First Blockchain Patent Is Now Public
China is going to be getting down with blockchain in a big way. They needed to create a more secure regulatory environment before they let the industry grow without massive restriction. They really don’t have a choice in the long run so they better act sooner rather than later. Thanks for the post!
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@brettcalloway I do agree. They first wanted to prepare a safe ground for the currency.
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