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.
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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.