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WeBank ranks third in 2019 blockchain patent applications

April 25, 2020

The China-based digital bank, WeBank rose to third place in the number of blockchain patents filed worldwide in 2019. Alibaba and Tencent took first and second place.

According to the report released on April 24 The digital bank has risen from fifth to third place after filing almost 632 patents in 2019. 80% of them were related to technologies such as blockchain, AI, cloud computing and big data.

Blockchain patent categories

WeBank’s patents focused on the consortium chain’s open source infrastructure (48%), middleware (40%) and other algorithmic solutions (12%)., Data protection and cross-chain technology.

WeBank ranks third in 2019 blockchain patent applicationsWeBank ranks third in 2019 blockchain patent applications

The patents filed by WeBank show that the banking industry is expanding its financial technology capabilities, rather than building a protected fortress around the existing infrastructure, the report said.

In 2019 WeBank announced a new open source fintech strategy aimed at collaborating with developers around the world.

This includes Federated AI Technology Enableror FATE, FISCO BCOS, that is A platform platform for consortia developed in collaboration with the FISCO open source team and the open source big data platform suite WeDataSphere.

Open source projects in progress

Cointelegraph reported on April 16 WeBank examined the integration of the intelligent contract language DAML for their blockchain, FISCO BCO, the chain that will support China’s national blockchain-based chain service network.

The digital bank said it would help deliver pioneering blockchain solutions in finance, supply chain, and other sectors around the world.

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