China tops in Global Blockchain Patent Applications in the First half of 2019
As per the latest report by IPR Daily, a Chinese intellectual property news website, China has accounted for nearly 70% of the world’s global blockchain patent applications. The report titled “first half of 2019 the global patent rankings blockchain companies (TOP100) invention,”.
China’s most noteworthy competitor in technology and trade is United States, this report reveals that China is way ahead of the U.S in blockchain technology which is currently developing faster and replacing older frameworks. U.S came next on the list with 16 percent of the patent applications, which is way below than that of China’s.
Figure: Geography based distribution of patents applications/publications in 2019 – Analysis on PCS (AI enabled Analytics tool from Dolcera)
China tops among the eleven countries that accounted for the top 100 companies globally with 67% of the patent applications. China-based online merchant Alibaba topped the list. China appears to be predominantly driving the world in the utilization and development of blockchain technology.
Figure: Top corporate owners with most patent applications/publications in 2019 – Analysis on PCS (AI enabled Analytics tool from Dolcera)
Some of the reasons behind this development might be that China has embraced blockchain technology significantly while U.S has insisted on unyielding regulations that have made it hostile for blockchain and cryptocurrency.
The increase in the number of blockchain patents indicates a developing interest for the business and an eagerness by organizations, like Alibaba, which has been leading since 2017. With such interest in blockchain technology, China appears to be on the way to become a pioneer in technologies which will influence significant segments of the world economy.