China’s push for blockchain technology gained steam after 2019 when
President Xi Jinping called for corporations from tech giants to become
industry leaders in the nascent tech.
China accounts for 84% of all blockchain applications filed
worldwide, according to the latest data shared by the country’s
government official.
China has steered clear of the cryptocurrency
market. However, the Beijing government has been supportive of the
underlying blockchain technology. The country has actively promoted the
use of blockchain tech over the years, and thus the high percentage of
blockchain patents isn’t surprising.
President Xi Jinping has also
played a key role in promoting the nascent blockchain technology. In
2019, the President called upon citizens, tech companies and
stakeholders of the ecosystem to actively participate and innovate with
the nascent tech as it would play a key role in the future of the next
industrial revolution.
As Cointelegraph reported earlier,
Chinese companies had filed 4,435 blockchain patents within one year of
President Xi Jinping’s endorsement of the industry. According to
another study, China accounted for roughly 60% of the world's blockchain
patent applications from 2015 to June 2021, followed by the US and
South Korea.
The figure was released on Tuesday by Wang Jianwei,
deputy director of the Ministry of Industry and Information Technology.
However, the figures didn’t include a time frame in which these patent
applications were filed.
Related: Tencent receives patent for blockchain-based missing person poster
While
China accounts for the highest number of blockchain patent
applications, the approval rate is significantly low, with only 19% of
the total filed applications getting approved, reported South China Morning Post.
Another
important thing to note here is that China is not very big on
decentralization, the same principle that blockchain tech is based on.
This was evident from the country’s digital yuan development, where the
central bank developed the digital national currency on the curated
version of a blockchain with full control over its functioning rather
than using the traditional distributed network approach.
source link : https://cointelegraph.com/news/china-accounts-for-84-of-all-blockchain-patent-applications-but-there-s-a-catch
