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84 percent of all blockchain patents are applied for in China

 


China alone accounts for nearly 84% of all patent applications related to blockchain technology around the world, 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 the blockchain on many levels for a long time. Accordingly, it is not surprising that most 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 try 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 a year after their president’s request. Another study also shows that China alone registered almost 60% of all patents for blockchain technology from 2015 to 2021, which puts the USA and South Korea in second place.


The new figures - that China now accounts for 84% of all global blockchain patent applications - were reported on Tuesday by Wang Jianwei of China's Ministry of Information Technology. 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 later granted, notes the South China Morning Post .


It should also be noted that China is not necessarily known for having a particularly great 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 let go of control, preferring to go for a centralized variant.

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