China Outpaces US With 7,600+ Blockchain Patent Applications

The latest blockchain news show that China outpaces the United States in this technology with more than 7,600 blockchain applications. This was confirmed on November 20 by the Japan-based financial newspaper Nikkei which reported that Chinese companies submitted around 7,600 applications between 2009 and 2018 which is about three times as many as the US-based companies.

According to the Tokyo-based research firm Astamuse, the US, China, Japan, South Korea and Germany have together submitted around 12,000 blockchain related patent applications in 2018 – and China outpaces all the countries accounting for over 60% of the five-country total.

Meanwhile, South Korea submitted close to 1,150 applications within the same time frame, while Japan submitted fewer than 380 applications. The Chinese retail giant Alibaba Group Holding took the lead amongst the ranking of corporate applicants compiled by Japan and its NGB based on data from Innography. The United Kingdom based nChain followed Alibaba closely with 468 applications, while the technology giant IBM so far has filed 248 applications.

China outpaces many countries and is setting records in terms of blockchain tech applications. In November, the Chinese news program Focus Report pointed out that although there are around 32,000 companies in China that claim to use blockchain technology, the real number is not even 10% of that.
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According to the episode, China’s blockchain industry is at the forefront of the world with the total number of blockchain enterprises being second only to the United States.

Meanwhile, in October this year, China’s President Xi Jinping called for the country to accelerate its adoption of blockchain technologies as central to innovation. Xi also noted that the implementation of integrated blockchain technologies is a key in promoting technological innovation and transforming industries.

Another analyst and partner at the blockchain-focused venture capital fund Proof of Capital, Edith Cheung, also talked about how China outpaces US in terms of blockchain applications. Cheung noted that China will “definitely” deploy its new digital currency within the next six months to a year.

“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD,” Cheung added and said that China hopes to become the first country worldwide that will issue a digital incarnation of its national currency.