China Dominates Universal Blockchain Patent Applications!

China Dominates Universal Blockchain Patent Applications!

Blockchain
April 25, 2020 Komal Joshi
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Chinese firms are driving the global rankings for blockchain patent applications, with thousands filed by companies such as Tencent and Alibaba. China took the lead in blockchain-based patent applications in 2019, according to a joint report from Chinese outlet IPR Daily and global patent database IncoPat. The report unveiled that China has maintained to secure
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Chinese firms are driving the global rankings for blockchain patent applications, with thousands filed by companies such as Tencent and Alibaba.

China took the lead in blockchain-based patent applications in 2019, according to a joint report from Chinese outlet IPR Daily and global patent database IncoPat. The report unveiled that China has maintained to secure seven of the top ten spots—including the first, second, and third—in the global ranks for blockchain patent applications.

In first place is Chinese e-commerce giant Alibaba and its payments subsidiary Alipay, with a huge 1,505 blockchain patent appeals. Close behind it in third place is the Chinese conglomerate, Tencent, with 724.

Fourth is—slightly unsurprisingly—nChain. The Antigua and Barbuda-enabled blockchain firms have a long past of promoting its many patents. Nevertheless, not everyone is satisfied. The rankings mean anything. Ethereum founder Vitalik Buterin aimed at countries—and companies—who ‘brag’ concerning their blockchain patents.

Nonetheless, Buterin was criticized for this statement, with one Twitter user claiming that while public blockchains aren’t significantly patentable, private and hybrid blockchains may well be.

China’s blockchain revolution

Notwithstanding the semantics encompassing blockchain patents, it’s clear to see that China is in the lead when it comes to blockchain innovation.

Not only does China manage a notable piece of the Bitcoin mining industry, but its government has also welcomed blockchain technology in the last year. 

In October, Chinese premier Xi Jinping asked for the country to “seize the opportunity of blockchain.” Since then, the country has begun on a number of blockchain projects, including the creation of a central bank digital currency. The currency, identified as DE/CP, is to be initially trialed in four Chinese cities, to launch it ahead of the 2022 Winter Olympics in Beijing.

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