According to a Financial Times report, China became the country with the most patent filings for Blockchain technology to the WIPO (World Intellectual Property Organization) in 2017. Thomson Reuters collected data from the international patent organization which shows that in 2017, overall 406 patents were filled, from which more than 225 were from China.
At this time, Tech companies from all around the world are rushing to patent their innovative systems developed by using blockchain tech, which is just like a game changer supply chain management.
Last year, patent applications for Blockchain technology got tripled. An editor at Thomson Reuters’ Practical Law, Alex Batteson 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.”
From 2012 to 2017, Chinese companies held the sixth spot out of the top nine filers for Blockchain patents. Even though all patents didn’t lead to feasible products, but the data remained substantial in that as it shows activity in a particular area of industry and could produce blocks to the entry.
Filed Patents from 2016-2017
China filed 225 patents in 2017 and 59 patents in 2016, while the US filed 91 patents in 2017 and 21 in 2016. Australia in on the third number with 19 and 13 blockchain-related patents in 2016 and 2017, individually.
A patent is an essential tool for any company in order to attract investment. If we talk about the US, then MasterCard, which is a payment processing giant had filed 25 patents for blockchain at the same time. Also, Lichtenstein’s nChain Holdings, which is considered as the worldwide leader in development and research of blockchain technologies by itself has filed 18 applications.
But one thing, that should always be remembered is that not all companies patent their innovations. Also, all patents don’t result in the formation of a workable product/use case. However, according to Thomson Reuters, the patent information imitates activity in a certain sphere and produce entry barriers.
Is Chinese government taking interest in the Blockchain Technology?
The Chinese government is officially taking an interest in the development of Blockchain technology in the country. As there’ve been many reports, the Investment Association of China has approved the development of a Blockchain Development Center.
As well as, list of objectives was published by the Chinese Ministry of Industry and Information Technology on 23rd March, to boost the development and regularization of Blockchain technology.