Current figures printed by Chinese language media retailers present that firms in China have filed for over half of all world blockchain patents.
According to a report titled “2020 Blockchain Business Improvement”, Chinese language firms have utilized for 4,435 blockchain patents following Chinese language president Xi Jinping’s endorsement of the trade. The research was collectively compiled by Tsinghua College, Peking College, and China Institute of Communications.
Throughout a committee session in October 2019, President Xi known as for the nation to accelerate its adoption of blockchain applied sciences as a core for innovation.
Based on the research, tech big Alibaba Group had applied for the very best variety of blockchain patents in 2020 at a whopping 200 patents. That’s 10x greater than the quantity filed by IBM throughout the identical interval.
Main multinational firms have additionally proven immense curiosity in submitting blockchain patents in China. Cointelegraph reported a research that recommended 35 multinationals together with Microsoft, Walmart, Mastercard, Sony, and Intel had applied for a total of 212 blockchain patents as of March 2020.
Again in 2018, the World Mental Property Group, or WIPO, reported that probably the most patent filings for Blockchain know-how came from China.
Information collected by Thomson Reuters from the worldwide patent group likewise confirmed that over half of the 406 patents filed in 2017 got here from China. The nation took the highest spot with 225 Blockchain patents, adopted by the US with 91, and Australia with 13.