- Chinese companies have filed over 4,000 Blockchain patents.
- China now holds half of all Blockchain-related patents filed so far.
- Countries around the world are increasingly exploring potential use cases for Blockchain.
Blockchain technology developments in the Republic of China have since risen significantly, especially after President Xi Jinping’s official endorsement. Additionally, the number of Blockchain patent applications in the country has been rising. Presently, the country holds most of the global Blockchain patent applications filed since this year.
Blockchain patents in China keep increasing
According to the information shared by an English-language Chinese news outlet, People’s Daily Online, there are currently 4,435 Blockchain patent applications from China so far. The information is in accordance with the 2020 Blockchain Industry Development Report issued at the Chinese International Blockchain Technology and Application Conference on Monday.
On that note, it was reported that China accounts for half of the total Blockchain patent applications made so far. This becomes more evident as Crypolitan recently reported that the Chinese technology giant Alibaba Group filed the highest number of registered blockchain patents since this year, according to KISSPatent. The Chinese company topped the United States IBM by ten times.
Global Blockchain adoption
Blockchain adoption has been surging globally, more especially in developed countries. The technology features core properties that ensure decentralized, transparency, immutability, and many more. These features have proven to be useful in the financial sector, food supply chain traceability, including in the development of smart cities.
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.said Chen Xiaohong, an academician of the Chinese Academy of Engineering.
Blockchain is also being harnessed to improve education systems. Recently, KEY Foundation (KF) entered a partnership with English Forward (EF) to boost the Blockchain-based education ecosystem in South Asia, starting with India.