One of the country ‘s four largest state-owned banks , The Industrial and Commercial Bank of China (ICBC) is seeking to certify the authenticity of digital certificates and store them in an open-network.
According to a patent application filed by the Chinese Intellectual Property Office (SIPO), the bank intends to use blockchain systems to increase the effectiveness of certification and to prevent users from repeatedly filling the same document in many institutions.
According to the patent, this technology firstly suggests that the certificate authority digitally matches the user’s qualification certificate with the betting certificate. Once this is confirmed, the data will be encrypted and sent to the blockchain to be loaded into scattered wallets in the hands of many institutions that may need the mentioned certificate.
The system will then resolve the password for the particular user’s specific capabilities, allowing the organization to see the approved document they need to continue their transaction flow.
The patent, which was the first blockchain-linked document filed by SIPO for Shuan, was first presented in November of 2017 and was published on Friday .
As a reason for the use of this technology, the bank is presenting inconveniences caused by the fact that users endorse the same certificate on different issues, such as birth, death, marriage or education.
The statement on the bank’s application paper reads as follows:
“Often, users are obliged to take a certificate from the institution that manually releases it. And then they present it to the institutions that require certification. This process is very inefficient and involves the risk of forgery. ”
For this patent application, we can say another move which can be shown as evidence to the wish of the bank to use blockchain to store and share data.
Recently, the Bank of China has also found a patent application that says it can improve the data storage and processing capacity that BlockChain brings.