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

China has stayed away from the cryptocurrency market. However, the Beijing government has supported the underlying blockchain technology. The country has actively promoted the use of blockchain technology over the years, and therefore 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 urged citizens, tech companies, and ecosystem stakeholders to actively engage and innovate with nascent technology as it would play a key role in the future of the next industrial revolution.

As Cointelegraph previously reported, Chinese companies had filed 4,435 blockchain patents within a year of President Xi Jinping’s endorsement of the industry. According to another study, China accounted for about 60% of the world’s blockchain patent applications from 2015 to June 2021, followed by the US and South Korea.

The figure was released Tuesday by Wang Jianwei, deputy director of the Ministry of Industry and Information Technology. However, the figures do not include a time period in which these patent applications were filed.

Related: Tencent Receives Patent for Blockchain-Based Missing Person Cartel

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

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



This post China Accounts for 84% of All Blockchain Patent Applications, But There’s a Catch

was published first on https://cointelegraph.com/news/china-accounts-for-84-of-all-blockchain-patent-applications-but-there-s-a-catch

Author

Write A Comment