Blockchain Patent Filed for a Digital Currency Wallet by the People’s Bank of China

People's Bank of China

The People’s Bank of China (PBoC) has just filed a new blockchain patent for a digital wallet. The Digital Currency Research Lab wants to build a wallet that allows users to track their transactions.

The application was submitted through China’s State Intellectual Property Office (SIPO) on Friday, June 22nd. The new patent filed outlines the proposal of a digital wallet that would be used to track transaction data. The new app would be in coordination with the official, centralized digital currency issuance registration agency.

Like any of the wallets on the market, it will have multi-signature security and secure the cryptocurrencies using public and private keys.

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This new patent is a long-term vision for blockchain technology integration for China’s central bank. Despite its government’s hardline stance on cryptocurrency and crypto mining, PBoC remains forward-thinking.

The bank is extensively investigating the innovative technology’s benefits to its current systems. Banks around the world have as gone as far as creating new sectors within their company to explore blockchain. PBoC is most likely wanting to keep up with what the other global leading banks are doing and don’t want to fall behind.

Zhou Ziaochuan, governor of PBoC, told the media that digital currencies would diminish the need for cash and it is “inevitable.” The governor stressed that his company is to remain diligent and should try and control the “unpredictable effects” of certain applications made on the blockchain.

Earlier this month, the PBoC revealed a new blockchain-powered project that has smart contract functionality that is designed to tokenize paper checks. Something that is revolutionary to the banking system and something not many banks are currently exploring.

Despite its hard stance on crypto, in 2017, China filed more blockchain technology patents with the World Intellectual Property Organization than any other country in the world.

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