WeBank Ranks Third in Blockchain Patent Filings For 2019

WeBank is the only bank ranked in the top 10 Global Banking Patents Rankings.

China-based digital bank, WeBank, rose to third place for number of Blockchain patents filed globally in 2019. Alibaba and Tencent took the first and second places respectively.

According to the report published on April 24, the digital bank has climbed from fifth place to third after filing nearly 632 patents in 2019. 80% of them were related to technologies like blockchain, AI, cloud computing, and big data.

Blockchain patent categories

WeBank’s patents have focused on open source consortium chain infrastructure (48%), middleware (40%), and other solutions (12%) related to algorithms, privacy protection, and cross-chain tech.

The patents filed by WeBank show that the banking industry is increasing its fintech capabilities, rather than building a guarded fortress around existing infrastructures, according to the report.

In 2019, WeBank announced a new open-source fintech strategy that aims to collaborate with developers across the globe.

This includes Federated AI Technology Enabler, or FATE, FISCO BCOS, which is a consortium chain platform built together with FISCO open-source task force team, and open-source big data platform suite, WeDataSphere.

Open-source projects underway

On April 16, Cointelegraph reported that WeBank was exploring the integration of the DAML smart contract language for its consortium blockchain, FISCO BCO, which is the chain that will undergird China’s national Blockchain-based Service Network.

The digital bank said that it would help to deliver pioneering blockchain solutions across finance, supply chain, and other sectors worldwide.