China alone accounts for nearly 84% of all blockchain technology-related patent applications worldwide, new government data shows.
Although China categorically rejects cryptocurrencies, the central government in Beijing is fully committed to the associated blockchain technology. The state has been campaigning for the use of blockchain at many levels for a long time. Consequently, it is not surprising that the majority of blockchain patents are registered in China.
Even President Xi Jinping is vigorously promoting the technology. In 2019, he called on the Chinese people and the country’s economy to test blockchain and promote innovations in this area so that the next industrial revolution can succeed.
As Cointelegraph reported, Chinese companies had filed a total of 4,435 blockchain patents just one year after their president’s request. Another study also shows that China alone registered nearly 60% of all patents for blockchain technology between 2015 and 2021, putting the US and South Korea in second place.
Wang Jianwei of the Chinese Ministry of Information Technology reported the new figures on Tuesday, that China now accounts for 84% of all blockchain patent applications globally. However, it is not specifically stated in which period the patents were applied for.
Although the number of applications is high, only 19% of the patents filed are subsequently granted, according to the South China Morning Post. grades.
It should also be noted that China is not necessarily known for having a particularly strong interest in decentralization. However, this is one of the core properties of blockchain technology. A good example of this is the development of China’s central bank digital currency (CBDC), the digital yuan, which the government does not want to lose control of, preferring to opt for a centralized variant.
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