The world’s largest bank, the China Industrial and Commercial Bank (ICBC), is continuing its work on Blockchain technology. The bank has found a new patent application.
According to the total assets and market value, the world’s largest bank, the China Industrial and Commercial Bank (ICBC), wants to patent a Blockchain system for the exchange of financial assets.
According to the patent application filed by the bank in January and announced on Friday, the system envisions a platform by which participating institutions can function as nodes to form a distributed network.
According to the document, this concept is aimed at removing the intermediaries in the current system and increasing the liquidity of financial assets.
The ICBC noted that the applicant came into being due to the slowness and cost of the current system when it conducted interbank or cross-border transactions for both normal payments and financial instruments.
The following statements about this issue are contained in the verse:
“The traditional process chain built around a centralized reliability system leads to problems such as high cost, low efficiency, low stability and flexibility. This is an obstacle to meeting increasing demand for innovative financial products. “
This patent application is the last example of interest in the bank’s Blockchain technology. As is known, the bank also wants to patent a Blockchain system that can verify user information over a distributed network.
According to the latest financial report, the bank has $ 3.6 trillion worth of assets as of the end of 2017.