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

China accounts for 84% of all blockchain functions filed worldwide, based on the most recent knowledge shared by the nation’s authorities official.

China has steered away from the cryptocurrency market. Nevertheless, the Beijing authorities has been supportive of the underlying blockchain know-how. The nation has actively promoted the usage of blockchain tech over time, and thus the excessive share of blockchain patents isn’t shocking.

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

As Cointelegraph reported earlier, Chinese language corporations had filed 4,435 blockchain patents inside one 12 months of President Xi Jinping’s endorsement of the business. In line with one other examine, China accounted for roughly 60% of the world’s blockchain patent functions from 2015 to June 2021, adopted by the US and South Korea.

The determine was launched on Tuesday by Wang Jianwei, deputy director of the Ministry of Business and Info Know-how. Nevertheless, the figures didn’t embody a time-frame during which these patent functions have been filed.

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Whereas China accounts for the very best variety of blockchain patent functions, the approval price is considerably low, with solely 19% of the overall filed functions getting permitted, reported South China Morning Submit.

One other essential factor to notice right here is that China isn’t very huge on decentralization, the identical precept that blockchain tech is predicated on. This was evident from the nation’s digital yuan growth, the place the central financial institution developed the digital nationwide foreign money on the curated model of a blockchain with full management over its functioning slightly than utilizing the normal distributed community method.