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WeBank Ranks Third in Blockchain Patent Filings For 2019

China-based digital financial institution, WeBank, rose to 3rd place for variety of Blockchain patents filed globally in 2019. Alibaba and Tencent took the primary and second locations respectively.

In accordance with the report printed on April 24, the digital financial institution has climbed from fifth place to 3rd after submitting almost 632 patents in 2019. 80% of them had been associated to applied sciences like blockchain, AI, cloud computing, and large knowledge.

Blockchain patent classes

WeBank’s patents have centered on open supply consortium chain infrastructure (48%), middleware (40%), and different options (12%) associated to algorithms, privateness safety, and cross-chain tech.

The patents filed by WeBank present that the banking trade is rising its fintech capabilities, reasonably than constructing a guarded fortress round present infrastructures, in keeping with the report.

In 2019, WeBank introduced a brand new open-source fintech technique that goals to collaborate with builders throughout the globe.

This consists of Federated AI Expertise Enabler, or FATE, FISCO BCOS, which is a consortium chain platform constructed along with FISCO open-source process pressure workforce, and open-source massive knowledge platform suite, WeDataSphere.

Open-source tasks underway

On April 16, Cointelegraph reported that WeBank was exploring the combination of the DAML sensible contract language for its consortium blockchain, FISCO BCO, which is the chain that may undergird China’s nationwide Blockchain-based Service Community.

The digital financial institution mentioned that it might assist to ship pioneering blockchain options throughout finance, provide chain, and different sectors worldwide.

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