China accounts for 84% of all blockchain patent applications | The Financial Express

China accounts for 84% of all blockchain patent applications

Chinese companies submitted 4,435 blockchain patents within a year of President Xi Jinping’s encouragement of the industry.

China accounts for 84% of all blockchain patent applications
China accounted for nearly 60% of the world's blockchain patent applications, followed by the United States and South Korea

According to the most recent data released by a Chinese government official, China accounts for 84% of all blockchain applications filed worldwide.

China has avoided the bitcoin market. However, the Chinese government has backed the underlying blockchain technology. Over the years, the country has actively encouraged the use of blockchain technology, therefore the high rate of blockchain patents is not surprising.

President Xi Jinping has also been instrumental in advancing the fledgling blockchain technology. In 2019, the President urged citizens, tech businesses, and ecosystem stakeholders to actively participate in and develop with emerging technology, as it will play a critical role in the future of the next industrial revolution. As previously revealed by Cointelegraph, Chinese companies submitted 4,435 blockchain patents within a year of President Xi Jinping’s encouragement of the industry. According to another report, from 2015 to June 2021, China accounted for nearly 60% of the world’s blockchain patent applications, followed by the United States and South Korea, Cointelegraph stated.

Wang Jianwei, deputy director of the Ministry of Industry and Information Technology, announced the amount on Tuesday. However, the numbers did not specify when these patent applications were filed. While China has the most blockchain patent applications, the approval rate is extremely low, with only 19% of total filed applications being approved, according to the South China Morning Post, Cointelegraph noted.

(With insights from Cointelegraph)

Also Read: Bitcoin-based Compute North applies for Chapter 11 bankruptcy

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.