According to the latest data provided by the country’s government official, China accounts for 84% of all blockchain applications filed globally.
China avoids the cryptocurrency market. However, the Beijing government has backed the underlying blockchain technology. The country has been actively promoting the use of blockchain technology over the years, so the high percentage of blockchain patents is not surprising.
President Xi Jinping has also played a key role in pushing the nascent blockchain technology forward. In 2019, the president called on citizens, technology companies, and ecosystem stakeholders to actively participate and innovate with emerging technologies as they will play a key role in the future of the next industrial revolution.
As previously reported, Chinese companies filed 4,435 blockchain patents within one year after President Xi Jinping approved the industry. According to another study, from 2015 to June 2021, China accounted for approximately 60% of global blockchain patent applications, 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 do not include the time frame in which these patent applications were filed.
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While China accounts for the largest number of blockchain patent applications, the approval rate is significantly low, with only 19% of the total number of applications filed getting approved, according to the South China Morning Post.
Another important thing to note is that China is not very good at decentralization, on the same principle that blockchain technology is based on. This was evident from the development of the digital yuan in the country, where the central bank developed a digital national currency on a curated version of the blockchain with full control over its functioning, rather than using the traditional distributed network approach.