The digital bank of China, WeBank, secured the third place for filing a number of Blockchain patents in the year 2019, globally. The first two positions are taken by Alibaba and Tencent.

A report <a href="http://www.iprdaily.cn/news_24501.html" target="_blank" rel="noopener">published</a> on April 24, 2020, stated that earlier, WeBank was at the fifth position but in the year 2019, it filed almost 632 patents and grabbed the third position.
<h2>WeBank Files 632 Patents In 2019</h2>
80 percent of the data in the patent filed by the digital bank was about blockchain, Artificial Intelligence, cloud computing and big data.

The patent basically carries 48 percent details about open source consortium chain infrastructure, 40 percent detail of middleware and 12 percent of other solutions.

The report states that the patent filed by WeBank shows that in today’s time the banking industry is working on improving its fintech capabilities. It believes that instead of creating a barrier around existing infrastructure, the bank should explore more.

In the year 2019, WeBank started working on a new open-source fintech strategy which allows the developers around to the globe to partner with the digital bank.

WeDataSphere mentions that the strategy involved Federated AI Technology Enabler (FATE), a consortium chain platform which has been created with FISCO open-source task force team.
<h2>DAML Integration In FISCO BCO</h2>
On April 16, 2020, a report stated that the digital bank has been planning to integrate its consortium <a href="https://www.cryptoknowmics.com/news/what-is-blockchain-technology/">blockchain</a>, FISCO BCO, with Digital Asset Modeling Language (DAML) smart contract language.

FISCO BCO is a chain that would support the Blockchain-based Service Network of China.

WeBank in its announcement had stated that the DAML’s integration would allow the digital bak to provide pioneering blockchain solutions in almost every sector across the world.

The DAML was developed in the year 2016 for financial institutions. This smart contract language would create and execute its agreements using distributed ledger technology (DLT).

DAML has created a language mainly for private execution environment only.

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WeBank Jumps From Fifth To Third In Blockchain Patent Filing

The digital bank of China, WeBank, secured the third place for filing a number of Blockchain patents in the year 2019, globally.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

WeBank Jumps From Fifth To Third In Blockchain Patent Filing

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