Chinese Companies Far Outpace Us With 7,600 Blockchain Patent Applications

Measured by industry patent applications, China handily outperforms other countries in blockchain technology, including the United States. Let’s check to Chinese Companies Far Outpace Us With 7,600 Blockchain Patent Applications.

Nikkei, a financial newspaper headquartered in Japan, estimated on November 20 that Chinese companies submitted about 7,600 applications between 2009 and 2018 — almost three times as many as U.S.-based firms.

A massive12,000 applications for blockchains
According to Tokyo-based research firm Astamuse, the United States, China, Japan, South Korea and Germany collectively submitted nearly 12,000 blockchain-related patent applications through 2018, with China responsible for more than 60 per cent of the total of five countries.

Within the same time frame, South Korea submitted nearly 1,150 applications, while Japan submitted less than 380 applications.

With 512 applications, Alibaba Group Holding, a Chinese retail giant, took the lead among corporate applicants rankings compiled by Japan’s NGB based on innography data. The UK-based nChain closely followed Alibaba with 468, while the software firm IBM filed 248 applications.

In November, Focus Report, a Chinese news program, found out that although there are around 32,000 businesses in China pretending to use blockchain technology, the actual number is not even 10 million. China’s blockchain industry is at the forefront of the world, with the total number of blockchain firms second only to the United States, according to the series.

China and adoption of Blockchain

Chinese President Xi Jinping called on the nation to speed up the acceptance of blockchain technologies as key to innovation in October. Xi stressed the key to promoting technological innovation and transforming industries is the implementation of integrated blockchain technologies.

Edith Cheung, the partner of the blockchain-focused venture capital firm Proof of Capital, said she believes China will launch its new digital currency “definitely” within the next six months to a year. As China hopes to become the world’s first country to issue a digital incarnation of its national currency, Cheung looked at foreign powers, whom she believes should already be prepared to respond. She stated:

“I really think the United States needs to hurry up; to have strong thinking and policy, at least a direction for virtual USD.”

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Published at Wed, 04 Dec 2019 10:21:56 +0000

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