China accounts for 84% of all blockchain functions filed worldwide, based on the most recent 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 know-how. The nation has actively promoted the usage of 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 know-how. In 2019, the president referred to as upon residents, tech firms and stakeholders of the ecosystem to actively take part and innovate with the nascent tech as it will play a key position in the way forward for the following industrial revolution.
As Cointelegraph reported earlier, Chinese language firms had filed 4,435 blockchain patents inside one 12 months of President Xi Jinping’s endorsement of the business. In line with one other examine, 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 Business and Data Expertise. Nonetheless, the figures didn’t embody a timeframe wherein these patent functions had been filed.
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Whereas China accounts for the best variety of blockchain patent functions, the approval fee is considerably low, with solely 19% of the full filed functions getting authorized, reported South China Morning Submit.
One other necessary factor to notice right here is that China is just not very huge on decentralization, which is the precept on which blockchain tech relies. This was evident from the nation’s digital yuan improvement, the place the central financial institution developed the digital nationwide forex on the curated model of a blockchain with full management over its functioning quite than utilizing the standard distributed community method.