As per the latest report by IPR Daily, a Chinese intellectual property news site, China has represented about 70 percent of the world’s global blockchain patent applications. It would appear that China is predominantly driving the world in the utilization and development of blockchain technology. It has by a wide margin filed the most patents identified with blockchain on the planet and the absolute most significant names in the blockchain, and few of the popular biggest names in the cryptocurrency and blockchain network are Chinese firms.
Moreover, the report titled “first half of 2019 the global patent rankings blockchain companies (TOP100) invention,” recorded the number of blockchain technological development patents throughout the world published from 1st January to 30th June 30, 2019.
As indicated by the ranking of the eleven nations that represented the leading 100 organizations globally, China stands first with 67 percent of the patent applications and China-based online shipper Alibaba ranked first in the list with 322 patents. Further, the second was another Chinese organization PingAn with 274 patents, and the third one is Nchain with 241 patents. This might be because China has embraced blockchain technology fundamentally in spite of its war against digital money.
Besides, China’s most noteworthy competitor in technology and trade is, as of now, the United States of America. Additionally, this report states that China is more ahead of the U.S in blockchain technology, which is currently developing faster and replacing older frameworks. Precisely, the U.S came next on the list with 16 percent of the patent applications, which is mostly not as much as what China has. Succinctly put, China’s interest in the blockchain’s productivity and capacity is to create cost savings in transactions, among different advantages.
On the other hand, the U.S has demanded unyielding guidelines that have instead made the nation disapproving for the development, especially for cryptocurrency and blockchain. By comparing with the number of patents in the first half of 2019 from 2018, it is incredibly evident that there is a noteworthy improvement from 2018. Additionally, in that period, 200 financing events added up to 16 billion Yuan in funding.
Whatever the increase in the number of blockchain patents, it demonstrates a developing interest for the business and shows an eagerness to develop by organizations, like Alibaba, e-commerce giant, which has been on the top since 2017. Anyways, with such interest in blockchain technology, China might be on the way to become a pioneer in advanced technology that will influence significant segments of the world economy.