China accounts for 84% of all blockchain patent applications, but there's a catch
China accounts for 84% of all blockchain purposes filed worldwide, in keeping with the most recent information shared by the nation’s authorities official.
China has steered away from the cryptocurrency market. Nonetheless, the Beijing authorities has been supportive of the underlying blockchain expertise. The nation has actively promoted using blockchain tech through the years, and thus the excessive proportion of blockchain patents isn’t stunning.
President Xi Jinping has additionally performed a key function in selling the nascent blockchain expertise. In 2019, the president known as upon residents, tech corporations and stakeholders of the ecosystem to actively take part and innovate with the nascent tech as it might play a key function in the way forward for the subsequent industrial revolution.
As Cointelegraph reported earlier, Chinese language corporations had filed 4,435 blockchain patents inside one yr of President Xi Jinping’s endorsement of the trade. In response to one other research, China accounted for roughly 60% of the world’s blockchain patent purposes from 2015 to June 2021, adopted by the USA and South Korea.
The determine was launched on Tuesday by Wang Jianwei, deputy director of the Ministry of Trade and Data Know-how. Nonetheless, the figures didn’t embrace a timeframe through which these patent purposes had been filed.
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Whereas China accounts for the very best variety of blockchain patent purposes, the approval fee is considerably low, with solely 19% of the full filed purposes getting authorized, reported South China Morning Publish.
One other essential factor to notice right here is that China shouldn’t be very huge on decentralization, which is the precept on which blockchain tech is predicated. This was evident from the nation’s digital yuan growth, the place the central financial institution developed the digital nationwide forex on the curated model of a blockchain with full management over its functioning relatively than utilizing the normal distributed community strategy.
