A new report shows that Chinese companies filled the most blockchain patents last year. According to a report by the Financial Times on March 25th, the Peoples Republic of China (PROC) topped the list of the most patent filings for Blockchain technology to the World Intellectual Property Organization (WIPO) in 2017.
The World Intellectual Property Organization database (WIPO) indicated that more than half of the 406 blockchain patent applications filed last year were from China. The country accounted for 49%, while the United States came second with 33%. A crypto news source commented that “Among the top 100 patent-filing organizations, the PROC dominated the list, with three of its branches snatching the top slots. Together, they submitted 68 patent applications related to the technology.”
An editor at Thomson Reuters ‘ Practical Law Alex Batteson responded concerning the development that “Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market,”
Blockchain Patents show Chinese interests in Blockchain tech.
In the past years, Chinese companies have been less active in cryptocurrency and blockchain technologies, the top players are usually the United States and European companies like IBM, Intel, and Amazon. However, the second biggest Chinese company to file a blockchain patent was Alibaba with 43 products.
The patents the Chinese companies filed covered a wide range of applications from cryptocurrency to online shopping. However, key players in the blockchain industry believe that the increase in blockchain patent applications might indicate renewed interests by domestic investors.
Over the years, the Chinese Government has taken a keen interest in blockchain and cryptocurrency based technologies and inventions. For instance, on March 23, the Beijing based Ministry of Industry and Information Technology announced a catalog of goals to promote the development of Blockchain technology.
In a legislative conference held in Beijing early March this year, named “Two Sessions” Chinese experts discussed blockchain technology and cryptocurrency regulations, amidst the heightened call for regulation of the industry.