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.