Bank Of China Partners With China Unionpay On Blockchain Payment Program

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Bank Of China Partners With China Unionpay On Blockchain Payment Program

The Chinese commercial regulator Bank of China (BOC) has partnered with China UnionPay (CUP), a leading financial service corporation in China to work on big data and blockchain applications. The two entities signed an agreement to jointly develop a mobile payment system based on blockchain.

Terms of the agreement

According to the terms of the agreement, China UnionPay and Bank of China will pool their expertise and strength to promote the health, as well as quick development of the blockchain based payment system. The new system will offer digital mobile finance to clients.

China UnionPay is banking on this partnership to develop a single portal, through which customers will access various financial services. The idea is to launch a single smartcard, which will be used by the holders to pay for goods and services, transfer money and trade. The card will work by scanning a QR code. BOC is developing the system as a foundation that will be used to develop a safer, effective and convenient mobile payment system for customers.

China led the world in filing blockchain patents

This partnership was formed in the wake of a report that suggested that China filed the highest number of blockchain patents in 2017. According to data published by the World Intellectual Property Organization, a total of 406 blockchain patent applications were filed in 2017. Half of these were filed by Chinese companies. Out of the best nine companies that filed the patents, six of them were from China led by Beijing Technology Development.

In total, China filed a total of 225 blockchain patents in 2017. It was followed by the United States, which filed 21 blockchain patents in 2016 and 91 in 2017. Australia filed 19 in 2016 and 13 in 2017. Bank of America filed for a patent application for a technology that would be used to “person-to-person alias-based payment. “ The BT Group has also filed for a patent application for a technology that will be used to detect online attacks on blockchain. On the other hand, Mastercard has filed for a patent for a payment tracking system that will use blockchain technology.