Chinese companies are trying to overtake the United States in the adoption of blockchain.
Recent figures published by the Chinese media show that companies in China have applied for more than half of all blockchain patents worldwide.
According to a report entitled „2020 Blockchain Industry Development“, Chinese companies have applied for 4,435 blockchain patents following Chinese President Xi Jinping’s endorsement of the industry. The study was compiled jointly by Tsinghua University, Peking University and the Institute of Communications of China.
During a committee session in October 2019, President Xi called on the country to accelerate the adoption of blockchain technologies as a core innovation.
According to the study, technology giant Alibaba Group had applied for the largest number of blockchain patents by 2020 with a staggering 200 patents. That is 10 times more than the number filed by IBM during the same period.
Leading multinational companies have also shown immense interest in filing blockchain patents in China. Cointelegraph reported a study suggesting that 35 multinationals, including Microsoft, Walmart, Mastercard, Sony and Intel, had applied for a total of 212 blockchain patents as of March 2020.
In 2018, the World Intellectual Property Organisation, or WIPO, reported that the majority of patent applications for blockchain technology came from China.
Data compiled by Thomson Reuters of the international patent organisation also showed that more than half of the 406 patents filed in 2017 came from China. The country ranked first with 225 blockchain patents, followed by the US with 91 and Australia with 13.