China accounts for 84% of All Blockchain Applications Filed Worldwide.
Based on the latest data shared by the Chinese government, 84% of all blockchain applications have been filed in the country.
Filed More Than 4.000 Blockchain Patents Within One Year
The Chinese government has stayed out of the cryptocurrency market. Beijing, however, has supported blockchain technology as a whole. As a result of the country’s active promotion of blockchain tech, the high number of blockchain patents comes as no surprise.
Blockchain technology has also been promoted by President Xi Jinping. As the next industrial revolution begins, in 2019 the President urged citizens, tech companies, and stakeholders of the ecosystem to actively participate and innovate with nascent technology.
The Cointelegraph reported earlier this month that Chinese companies had filed 4,435 patents in the blockchain industry within one year of President Xi Jinping’s endorsement.
From 2015 to 2021, China accounted for 60 percent of all blockchain patent applications worldwide, followed by the US and South Korea.
Wang Jianwei, deputy director of the Ministry of Industry and Information Technology, released the figure on Tuesday. There was no indication of when these patent applications were filed in the figures.
Despite the Highest Number of Blockchain Patent Applications, the Approval Rate is Low
The number of blockchain patent applications filed in China is the highest, but the approval rate is very low, with only 19% of applications being approved, according to the South China Morning.
The Chinese do not place a lot of emphasis on decentralization, the same principle behind blockchain technology.
This was evident in the country’s development of its digital currency, the yuan, in which the central bank developed it using a curated version of a blockchain, with full control over its functioning instead of a distributed network.