Chinese Firms Outperforms other Countries with over 7,000 Blockchain Patent Applications

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On November 20, Wednesday, a financial newspaper based in Japan Nikkei reported that Chinese corporations presented around 7,600 applications from 2009 up to 2018. This is about thrice as many as United States-based companies. This means that China is conveniently outperforming other countries such as the United States with regards to Blockchain technology.

 

Moreover, the research firm based in Tokyo named Astamuse noted that the U.S., Japan, China, Germany, and South Korea submitted an approximate amount of 12,000 patent applications related to Blockchain until 2018. Notably, China accounted for more than 60% of the total applications.

 

On the other hand, almost 1,500 applications were submitted by South Korea, while Japan submitted less than 380 applications, within the same time frame.

 

Alibaba Group Holding, a Chinese retail group, presented 512 applications. This amount took them to take the lead among the list of corporate applicants collected by Japan’s NGB. The data was accumulated from Innography, an IP intelligence software for discovering patent search and analysis.

 

Successively, nChain, a Blockchain technologies platform, was listed next to Alibaba with a close amount of 468. Lastly, the technology giant IBM submitted 248 applications.

 

Focus Report, a Chines News program noted in November that despite the fact that there are approximately 32,000 corporations in China that says they use Blockchain, the real number is not even close to 10% of that. Additionally, the news program reported that China’s Blockchain industry is only second to the United States even though it is at the forefront of the globe.

 

Last October, Chinese President Xi Jing Ping told the country to speed up its adoption of Blockchain technologies to assure innovation. He also noted that implementing integrated Blockchain technologies is the main factor in promoting technological innovation and changing industries.

 

Edith Cheung, the partner at Proof of Capital, a venture capital fund focusing on Blockchain, said on CNBC that she believes that the country will undoubtedly deploy its most recent virtual assets within the next half year to one year. Cheung is looking for foreign powers which she thinks are already prepared to respond. Her reason for this is her hopes that China will be the first country globally to issue a virtual embodiment of its national currency.

 

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