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China accounts for 84% of all blockchain patent filings, but there's a catch

Published on

September 23, 2022
Read Time:1 Minute, 37 Second

Based on the most recent knowledge shared by the nation's authorities official, China accounts for 84% of all blockchain purposes submitted worldwide.

China has stayed away from the cryptocurrency market. Nevertheless, the Beijing authorities has backed the underlying blockchain know-how. The nation has actively promoted the usage of blockchain know-how through the years and therefore the excessive share of blockchain patents isn't a surprise.

President Xi Jinping has additionally performed a key function in selling the rising blockchain know-how. In 2019, the President known as on residents, know-how firms and ecosystem stakeholders to actively take part and innovate with the rising know-how as it will play a key function in the way forward for the following industrial revolution.

As Cointelegraph beforehand reported, Chinese language firms had filed 4,435 blockchain patents inside a 12 months of President Xi Jinping backing the business. Based on one other research, from 2015 to June 2021, China accounted for round 60% of world blockchain patent filings, adopted by the US and South Korea.

The determine was launched Tuesday by Wang Jianwei, deputy director of the Ministry of Trade and Info Know-how. Nevertheless, the numbers didn't embody a time-frame wherein these patent purposes have been filed.

Associated: Tencent Receives Patent for Blockchain-Based mostly Lacking Individuals Poster

Whereas China has the best variety of blockchain patent filings, the approval charge is considerably low at simply 19% of the whole purposes filed. reported South China tomorrow publish.

One other necessary factor to notice right here is that China does not place very a lot emphasis on decentralization, the identical precept on which blockchain know-how relies. This was illustrated by the event of the nation's digital yuan, the place the central financial institution constructed the nationwide digital foreign money on the curated model of a blockchain with full management over the way it works, quite than utilizing the standard distributed community method.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : September 23, 2022
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