Home CryptocurrencyAltcoin China accounts for 84% of all blockchain patent applications, but there’s a catch

China accounts for 84% of all blockchain patent applications, but there’s a catch

by SuperiorInvest

China accounts for 84% of all blockchain applications filed worldwide, according to the latest data shared by the country’s government official.

China has avoided the cryptocurrency market. However, the Beijing government supports the underlying blockchain technology. The country has actively promoted the use of blockchain technology over the years, so the high percentage of blockchain patents is not surprising.

President Xi Jinping has also played a key role in promoting the nascent blockchain technology. In 2019, the President called on citizens, technology companies and ecosystem stakeholders to actively participate and innovate emerging technologies as they will play a key role in the future of the next industrial revolution.

As Cointelegraph reported earlierChinese companies have applied for 4,435 blockchain patents within a year of President Xi Jinping endorsing the industry. According to another study, China accounted for roughly 60% of the world’s blockchain patent applications from 2015 to June 2021, followed by the US and South Korea.

The data was released on Tuesday by Wang Jianwei, deputy director of the Ministry of Industry and Information Technology. However, the data did not include the time frame in which these patent applications were filed.

Related: Tencent has received a patent for a blockchain-based missing person poster

While China accounts for the highest number of blockchain patent applications, the approval rate is significantly low, with only 19% of the total number of applications filed being approved, reported South China Morning Post.

Another important thing to note is that China is not big on decentralization, the same principle that blockchain technology is based on. This was evident in the development of the country’s digital yuan, where the central bank developed a digital national currency on a curated version of blockchain with full control over its operation rather than using a traditional distributed network.

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