While China is no fan of bitcoin mining – it has moved to close mining operations – it is actively pursuing block chain patents, and is touting its leadership over the U.S.
China is the leading country for blockchain patents with Alibaba and PBOC on top, claims TechNode, a Chinese IP publication that partners with TechCrunch. Blockchain is a shared digital ledger that facilitates transactions, but whose practical application has yet to be determined. A wide range of U.S. financial institutions and technology companies are interested in blockchain, as well financial technology startups, many of whom have high valuations.
Out of the top 100 companies, reports TechNode citing Chinese data, 49 were Chinese, 23 from the US (see below for table of top 100 rankings). It is unclear if the leadership is in U.S. or China-issued patents, or both.
“An increasing number of companies in China are seeking ways to patent blockchain-related inventions, an effort that is in line with the Chinese government’s agenda to push forward with FinTech applications,” reports CoinDesk.
As reported by CoinDesk previously, major financial institutions, namely Bank of China, have already weighed in on issues such as blockchain scaling. (See “China’s Biggest Political Event Sees Blockchain Praise“)
China Blockchain Growth Exceeds the U.S.
IPRdaily, a Chinese language “integrated services organization focusing on new media for intellectual property and is committed to building the most influential IP cooperation platform in the world,” follows blockchain developments.
A report from IPRdaily – which is readily translated on Google Chrome browser – shows that blockchain financing growth in China far exceeds the United States, leading the world. The statistics show that as of December 17, 2017, the global total market capitalization of digital assets has reached 600 billion US dollars, compared with only 17.7 billion at the end of 2016. In less than a year, an increase of nearly 3300%.
Image source: iprdaily.com; technode.com