China Accounts for 84% of Global Blockchain Patents
The blockchain space is witnessing a serious volume of patent applications, with a recent press conference revealing who is the leader holding the most patents.
In a press conference on Tuesday, China’s Ministry of Industry and Information Technology (MIIT) said that the country accounts for over 84% of the world’s blockchain patent applications, despite the ban on cryptocurrencies.
Wang Jianwei, deputy director of the ministry’s information technology development department, added that blockchain is already being rapidly integrated into economic and government affairs.
China has banned cryptocurrencies, but their technological source, blockchain, is used by companies and the government. The country’s Academy of Information and Communication Technology, an academic institution backed by MIIT, said in July that there were more than 1,300 blockchain companies in China as of March this year.
In 2021, the country ranks first in the world in the number of blockchain patent applications filed. The number is about 33,000, taking up 63.2% of global applications, followed by the U.S. and South Korea, according to a February report by patent think tank PatSnap.
However, PatSnap noted that the quality of blockchain patents in China may be lacking, as the report stated that 78.4% of Chinese blockchain-related patents were cited only one to five times, and 10.5% of the country’s patents were cited 11 or more times.
Meanwhile, in the US, 65.7% of patents are in the one to five times range, and 21.5% of patents are cited more than 11 times. Also, only 0.1% of Chinese blockchain patents are cited more than 100 times, compared to 1.3% in the US.
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John Eastwood, a Taipei-based patent attorney and senior partner at Eiger Law said:
“The cost of filing a patent in China is close to zero, but the benefits of owning a patent or even just filing patent documents are relatively large as they can help improve a company’s profile.”
Many of the applications filed do not appear to be advanced or innovative, but companies still want to file them to create an innovative appearance.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
