The latest report from China Academy for Information and Communications Technology (CAICT) indicates that the number of blockchain patent filings in China has skyrocketed in recent times, staying ahead of other countries of the world.
Between 2013 to December 20, 2018, China applied for over 4,400 blockchain patent filings, accounting for 48% of the total blockchain patents filed throughout the world.
The report states that across the world, blockchain patents are more concentrated in China, Canada, South Korea, the United States, and the United Kingdom. However, of all the filings, China accounted for more than twice the number of blockchain patents in the US.
With 1,833 patents filings, US accounted for 21% of all patents made between the observed duration. After the recent support statement from Chines President XI Jinping on Blockchain technology, the growth of the technology in the province has been on the pace.
A Chinese news outlet in a report revealed that Alibaba Group led the corporate applicants. According to data from Innography, over 500 patent applications were made under Alibaba Group. UK-based nChain and IBM followed in the list with 468 and 248 applications respectively.
Other corporate applicants from China include China Unicorn, Tencent, and Baidu, among others.
According to LedgerInsights, the 2019 China Blockchain Development Report suggested that the rapid growth of blockchain patent in China affirmed that the country would have a strong influence in the blockchain sector.
“The rapid growth of the number of patents in China’s blockchains not only represents China’s emphasis on and promotion of blockchain technology but also indicates that China will have greater international influence in the blockchain sector,” the report stated.
In the first quarter of 2019, over 2000 blockchain patents were filed in China, and by June 2019, 27,784 regional blockchain companies were registered in the country.
Nevertheless, CCTV earlier reported that blockchain technology companies in China have been unnecessarily blown up as only 10% of all companies claiming to be blockchain-based use the technology for its activities.