The global tech giants IBM and Alibaba converse by filling numerous patents for blockchain-based applications as per the valid source of iPR Daily as on 31st August. iPR Daily is one of the renowned media outlets specialized in intellectual property. iPR Daily is expected to have consolidated data in place from numerous countries like EU, America, China, Japan, South Korea. With this, it consults the International Patent System from the World Intellectual Property Organization (WIPO).
China’s e-commerce major – Alibaba has filed 90 blockchains related patent applications. With this, global tech, IBM has till date filed 89 patent applications. One more US-based multinationals financial services major, Mastercard has enlisted its name by filing 80 patent applications followed by Bank of America with 53 patent applications. Additionally, China’s Central Bank, People’s Bank of China (PBoC) has filed almost 44 patent applications due to the mainstream project in place for Central Bank Digital Currency.
WIPO has stated in its statement earlier that the highest number of patent filings for blockchain technology was in 2017 coming from China, where the size of applications around 225 as compared with 13 applications from Australia and 91 from the USA.
China is always inclined to impose stringent regulations especially those that transact unethically. However, China is one of those countries that are early adopters to incorporate the new age technology. Amidst all these uncertainties in place, Jack Ma, founder of Alibaba has endorsed for the blockchain for a variety of its use.
Besides this, the tech major IBM is actively focusing to incorporate blockchain applications across various vertical of businesses that the company has. The company is believed to have signed a $70 million, five year deal with the Australian Government to use blockchain applications and other new technology to turn around data security and automation system within the federal departments that also included home affairs and defense ministry.
Let’s not forget that the blockchain technology has accelerated its pace such that companies and governments from around the world want to become the early adopters to avail the enormous benefits that the new age tech has in place!!