China is keen on exploring and exploiting blockchain technology innovations, if the number of patents filed so far is anything to go by. The country leads the pack when it comes to patent fillings around the emerging technology.
China Blockchain Patents
Most of the patent filings have come from some of the country’s big tech companies that are looking to enhance their products, service delivery, and efficiencies. Alibaba, for instance, has filed more than 10% of the patents, detailing new applications for enhancing its e-commerce and cloud businesses.
Tencent and Baidu are other tech giants that are leading the onslaught around the emerging technology. That said, China now accounts for 56% of the total blockchain patents made. The U.S. comes a distant second at 22%.
Chinese companies are investing in blockchain technology to enhance data storage and security as well as enhancing operations such as supply chain management don logistics. Alibaba CEO, Jack Ma, who is a big skeptic of cryptocurrencies, remains confident that blockchain technology itself will go a long way in overcoming the challenges of security, inclusion, and sustainability.
Blockchain Applications
Alibaba has teamed up with the City of Changzhou to leverage the technology in protecting medical data. Tencent on its part is working on an electric invoice system dubbed Fabio powered by blockchain. Baidu on its part has unveiled a blockchain powered photo storage service.
While China leads the pack on patent filings, the U.S holds the lead when it comes to cumulative applications.
“Blockchain is a new technological landscape where it could be very profitable for Chinese companies to grab significant territory in their patent claim language. Holding several patents helps to give an aura of legitimacy that helps many companies in the blockchain field to attract investors or acquirers,” said Eiger Law’s John Eastwood.
China ban on cryptocurrency has not in any way affected the blockchain landscape. For starters, the national government, as well as local governments, have continued to invest big in innovations powered by the digital ledger technology.