China has applied for 4,435 blockchain patents so far, accounting for about half of the world’s total, according to the 2020 Blockchain Industry Development Report released on Monday 28 September.
The report was jointly compiled by Tsinghua University, Peking University, and China Institute of Communications, Chinese en.people.cn reported.
“The new generation of information technologies such as blockchain, big data, Internet of Things, and artificial intelligence now show a trend of mutual integration, jointly serving as the foundation of the digital economy,” Xiaohong mentioned.
Hotspot for blockchain patents
Chen Xiaohong, an academician of the Chinese Academy of Engineering, said that blockchain is the core technology of the next-generation internet. He added that it has the characteristics of xem phim sex viet nam unforgeability, decentralisation, openness, and transparency.
In the growing blockchain community, major multinational companies have also shown immense interest in filing blockchain patents in China.
Of all the foreign companies with blockchain patents in China, Mastercard tops the list with 46 patents to its name.
Nokia, Intel, lottomart casino and Oracle are next on the line with 13, 12, and 9 blockchain patents respectively in China.
In 2018, the World Intellectual Property Organisation (WIPO) reported that the most patent filings for blockchain technology came from China, Cointelegraph reported.
By the same token, WIPO showed that over half of the 406 patents filed in 2017 came from China.
Presidential support for blockchain technology
China’s President Xi Jinping has called for the country to accelerate its adoption of blockchain technologies. He views this as a core for innovation and transforming industries.
Xi commented at a Politburo Committee session on blockchain technology trends on 24 October 2019, Xinhua News Agency reported.
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation,” Xi told the committee.
Patents filling war
When Xi announced strong support for blockchain technology, experts anticipated China would soon overtake the United States in this field.
During the period from January 2014 to October 2019, China’s National Intellectual Property Administration (CNIPA) awarded 2,218 blockchain patents. Check CherryCash. This is in comparison to only 227 issued by the US Patent and Trademark Office (USPTO).
However, the difference in numbers between the US and Chinese patents is slightly misleading.
Meanwhile, the CNIPA awarded nearly 40 blockchain-related patents to US-based global companies. These included Goldman Sachs, IBM, Intel, JP Morgan, Mastercard, Microsoft, and Visa.
On the contrary, the USPTO has not awarded blockchain-related patents to any Chinese-based organisations.
In 2020, Alibaba and IBM were the top two applicants for US blockchain patent applications.
But Alibaba had between eight to ten times as many blockchain patent applications published this year as IBM, the 2020 Blockchain Industry Development report said.
Now, eleven years after the mining of the genesis block on the Bitcoin network, blockchain’s popularity has increased.
The year 2020 brings with it an opportunity for the technology to pursue more significant investment for real business-ready solutions.