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Why Are Chinese Banks so Keen to Lodge Blockchain Patents?

Why Are Chinese Banks so Keen to Lodge Blockchain Patents?

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Chinese language banks have gotten more and more eager on registering blockchain-related patents – and consultants mentioned they imagine that monetary establishments are creating core know-how that can see them construct new enterprise fashions within the years forward.

Per media outlet Mars Finance, state-owned business banking giants just like the Industrial and Business Financial institution of China and the Financial institution of China have “quietly introduced a lot of blockchain-related patents of late” in current weeks, with blockchain-based financial institution terminal, knowledge doc modifying, cross-border commerce financing and security-related patents all lodged with the Chinese language mental property (IP) regulator, the Nationwide Mental Property Administration.

The media outlet quoted a lot of banking and IT consultants primarily based within the nation as stating that one of many the reason why banks need to transfer so shortly within the R&D area is to develop their very own core know-how and keep away from having to pay costly IP charges additional down the road – as Chinese language corporations have lodged lots of of blockchain-related patents in recent times.

Mars Finance hinted that there’s additionally an obvious backlog of blockchain patent functions, with one financial institution solely having one utility authorized so far, and one other 15 nonetheless pending.

A professor at Shanghai College’s blockchain heart additionally added that registering blockchain-related patents sends an industry-wide message to shoppers and rivals – proving that banks imply enterprise with regards to adopting new know-how. The professor added that there’s something of an info warfare raging within the banking sector now, and that creating proprietary distinctive blockchain-based technological infrastructure will assist corporations construct up their defenses – or go on the offensive.

The professor claimed that banks might additionally search to develop blockchain patents as a income – presumably trying to promote their IP to different monetary establishments within the nation.
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Be taught extra:
Chinese language State-owned Banks Problem Flurry of Blockchain Patents
US Postal Service Bets on Ethereum Blockchain in Patented Voting System
Tencent Registers Promoting, Fund Administration Blockchain Patents

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