China has emerged in the cryptonews, for filing the highest number of blockchain patents for Blockchain technology to the World Intellectual Property Organization (WIPO) in 2017.
Thomson Reuters collected the data from International Patent Organization which shows that over half of the 406 blockchain patents in 2017 were from China. The country filed 225 Blockchain patents, followed by the US (91), and Australia (13).
Blockchain patents and the concerned applications have shot up three times last year. Alex Batteson, an editor at Thomson Reuters’ Practical Law, said,
“Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market.”
Batteson believes patents to be of value as important tool for companies to attract investment. Patents on certain technology signals to investors that “a business owns and can capitalize on the intellectual property and will not face interference from other parties claiming ownership.”
While not all blockchain patents lead to workable products, the data is significant in that it indicates activity in a certain sphere of industry and could create obstacles in the future.
The Chinese government has officially been taking a keen interest in developing Blockchain technology in the country. The government-backed Investment Association of China confirmed the formation of a Blockchain Development Center.
Following this, March 23rd, the Chinese Ministry of Industry and Information Technology published a list of objectives to encourage the development and standardization of Blockchain technology. The objectives also include working and collaborating standards globally.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Rohit Kukreja
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
