WeBank Rose to Third Spot For Most Filed Blockchain Patent In 2019

By The Crypto Sight | April 25, 2020

WeBank – the digital bank from China – has reportedly secured the third spot on the list of most blockchain-related patents submitted in 2019, standing just behind China-based heavyweights, Tencent and Alibaba.

Specifically revealed on April 24th, the digital bank has managed to rise up 2 ranks, from 5th to 3rd, following its filing process of 632 throughout last year, with a majority of them (80%) being associated with blockchain, AI, cloud computing, and big data.

Particularly, nearly half of WeBank patents primarily target open source consortium chain infrastructure (48%), while a significant part (12%) is focused on different tools related to algorithms, privacy protection, and cross-chain tech.

The patents submitted by WeBank has reportedly indicated the upsurge among the banking sector, in terms of fintech abilities, instead of forming a protected fortress for the current infrastructure, per the report. 

Last year, WeBank reportedly made a new open-source fintech strategy available, which mainly looked to work with developing teams throughout the world, nominally Federated AI Technology Enabler, or FATE, FISCO BCOS.

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