According to a report from media, now, BOC (Bank of China) has trialed blockchain tech application in 12 projects and applied for 11 blockchain-related patents, ranking No.20 among enterprises globally and No.1 in China's banking sector.
To our knowledge, BOC's major application scenarios included big data, cross-border payment, cryptocurrency and digital paper. The statistics from the patent ranking list of global blockchain enterprises in 2017 indicates that BOC's blockchain-related patent applications amounted to 11.
Liu Wanqiu, chief executive officer of BOC, also said, the focus of its digitization development strategy lies in: focusing on value creation and boosting business development; consolidating development foundation and exploring a new path to develop financial technologies through making institutional innovation.
A document published by China's State Intellectual Property Office on February 23 shows that BOC, one of four big banks in China, filed a new patent dubbed "blockchain data compression method and system" on September 28 for the first time. This patent was designed to provide a blokchain data compression method to address the narrowing storage space due to increasing blockchain data.
Last June, BOC cooperated with internet giant Tencent on financial application area to test blockchain technology, focusing on deep cooperation on cloud computing and artificial intelligence.
On August 15, in Beijing, it signed a strategic cooperation agreement with China UnionPay in connection with mobile payment. Under this Agreement, the two sides will deepen their cooperation on mobile payment in an all-round manner, thereby optimizing, marketing and promoting mobile banking and China UnionPay Quick Pass App in a joint effort to explore cooperation on big data and blockchain.
The emergence of blockchain technology helps solve the sore point of traditional industries from three perspectives: efficiency, cost and trust.
In addition to BOC, the Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank also planned their presence in the blockchain industry successively, leveraging blockchain technology to improve financial risk management and enhance financial efficiency, cross-border payment and settlement business.