China accounts for 84% of all blockchain patent functions, however there is a catch

China accounts for 84% of all blockchain functions filed worldwide, in keeping with the newest information shared by the nation’s authorities official.

China has steered away from the cryptocurrency market. Nonetheless, the Beijing authorities has been supportive of the underlying blockchain expertise. The nation has actively promoted using 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 referred to as upon residents, tech corporations and stakeholders of the ecosystem to actively take part and innovate with the nascent tech as it could play a key position in the way forward for the following industrial revolution.

As Cointelegraph reported earlier, Chinese language corporations had filed 4,435 blockchain patents inside one 12 months of President Xi Jinping’s endorsement of the business. Based on one other research, China accounted for roughly 60% of the world’s blockchain patent functions 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 Info Expertise. Nonetheless, the figures didn’t embrace a time-frame during which these patent functions had been filed.

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Whereas China accounts for the very best variety of blockchain patent functions, the approval charge is considerably low, with solely 19% of the whole filed functions getting authorized, reported South China Morning Publish.

One other essential factor to notice right here is that China isn’t very massive 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 moderately than utilizing the normal distributed community strategy.