China accounts for 84% of all blockchain purposes filed worldwide, in response to the most recent information 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 expertise. The nation has actively promoted the usage of blockchain tech over time, and thus the excessive proportion of blockchain patents isn’t stunning.
President Xi Jinping has additionally performed a key position in selling the nascent blockchain expertise. In 2019, the President known as upon residents, tech firms and stakeholders of the ecosystem to actively take part and innovate with the nascent tech as it will play a key position in the way forward for the subsequent industrial revolution.
As Cointelegraph reported earlier, Chinese language firms had filed 4,435 blockchain patents inside one 12 months of President Xi Jinping’s endorsement of the trade. Based on one other research, China accounted for roughly 60% of the world’s blockchain patent purposes 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 Trade and Data Know-how. Nevertheless, the figures didn’t embrace a timeframe through which these patent purposes have been filed.
Associated: Tencent receives patent for blockchain-based lacking particular person poster
Whereas China accounts for the best variety of blockchain patent purposes, the approval fee is considerably low, with solely 19% of the entire filed purposes getting authorised, reported South China Morning Submit.
One other necessary factor to notice right here is that China will not be very large on decentralization, the identical precept that blockchain tech relies 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 quite than utilizing the standard distributed community strategy.
