China dominates global blockchain patent applications

China took the lead in blockchain-based patent functions in 2019, in keeping with a joint report from Chinese language outlet IPR Every day and world patent database IncoPat. The report revealed that China has managed to safe seven of the highest ten spots—together with the primary, second, and third—within the world ranks for blockchain patent applications.

In first place is Chinese language e-commerce large Alibaba and its funds subsidiary Alipay, with an enormous 1,505 blockchain patent petitions. Shut behind it in third place is the Chinese language conglomerate, Tencent, with 724.

Fourth is—considerably unsurprisingly—nChain. The Antigua and Barbuda-based blockchain agency has an extended historical past of touting its many patents.

Vitalik Buterin questions rankings

Nevertheless, not everyone seems to be satisfied the rankings truly imply something. Ethereum founder Vitalik Buterin took purpose at nations—and corporations—who ‘brag’ about their blockchain patents.

However, Buterin was chided for this comment, with one Twitter person arguing that whereas public blockchains aren’t essentially patentable, non-public and hybrid blockchains might be.

China’s blockchain revolution

Whatever the semantics round blockchain patents, it is plain to see that China is within the lead in the case of blockchain innovation.

Not solely does China management a big chunk of the Bitcoin mining industry, its authorities has embraced blockchain know-how within the final 12 months. 

In October, Chinese language premier Xi Jinping known as for the nation to “seize the chance of blockchain.” Since then, the nation has launched into plenty of blockchain projects, together with the creation of a central bank digital currency. The forex, referred to as DE/CP, is to be initially trialed in 4 Chinese language cities, with a view to launching it forward of the 2022 Winter Olympics in Beijing.