China Accounts For 84% of All Blockchain Patent Applications

• President Xi Jinping has helped spread the word about blockchain technology.
• A timeline for when these patent applications were submitted was not included in the data.

The most recent statistics released by a Chinese government official show that 84% of all blockchain patent applications are submitted by China.

However, China has avoided the cryptocurrency sector. The central government in Beijing, though, has shown support for blockchain technology. The high number of blockchain patents is not unexpected given the country’s history of supporting blockchain technology.

China Embraces Blockchain

Even President Xi Jinping has helped spread the word about blockchain technology. To prepare for the next industrial revolution, the president has urged people, tech enterprises, and ecosystem stakeholders to become involved and creative with emerging technology in 2019.

Within a year of President Xi Jinping’s promotion of the sector, Chinese enterprises have submitted 4,435 blockchain patents. Another analysis found that between 2015 and June of 2021, China submitted the most patents for blockchain technology, followed by the United States and South Korea.

Wang Jianwei, the Ministry of Industry and Information Technology’s Deputy Director, disclosed the number on Tuesday. However, a timeline for when these patent applications were submitted was not included in the data.

While the majority of blockchain patent applications have been submitted in China, just 19% of those have been approved, as reported by the South China Morning Post.

Also worth noting is that China is not a fan of decentralization, the underlying idea of blockchain technology. This was made clear by the fact that China’s central bank created its digital national currency, the digital yuan, using a curated form of a blockchain that it completely controlled, as opposed to the more common dispersed network method.

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