Web: One Of The World’s Largest Banks Seeking Blockchain Patent

July 2018 by: From The Web

A patent application from the Industrial and Commercial Bank of China (ICBC) outlining a blockchain platform intended to improve financial asset exchangehas been published. The institution is one of the world's largest in terms of assets. The application was submitted in January and published on July 6.

The patent describes a system whereby once a participant has requested a transaction, an EDCC (or smart contract) will cause it to be validated by every node in the network, based on information such as "the ID of the buyer and seller, the commodity ID, the user balance, the transaction amount, the number of transactions, and one or several of the transaction times." Once the bank's preset number of nodes has validated the transaction, it will then be considered complete.

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