News China holds the highest number of blockchain patents ·...

China holds the highest number of blockchain patents · TechNode

-

- Advertisment -

1 min read

Data: China has the most blockchain patents, despite banning cryptocurrency – The Next Web

What happened: The Next Web analyzed data made available by the UN’s World Intellectual Property Organization (WIPO) and found that, to date, the majority of patents related to blockchain technologies were approved in China, followed closely by the US. However, Chinese entities were not among the top four institutions holding patents; Alibaba ranked fifth. Americans dominate the top 15 companies whose applications were granted. The total number of approved patents skyrocketed in 2017, when 917 blockchain-related patents were granted. In 2018, during the bitcoin crash, the number of patents continued to increase. It is unclear how many of the patents are related to virtual currency or other blockchain applications.

Why it’s important: Blockchain is increasingly relevant, especially for banks. Global spending on blockchain technologies is expected to reach $12.4 billion by 2022, most of which will be used for finance, particularly cross-border ($453 million) and trade ($285 million) payments, according to US market intelligence firm International Data Corporation. As with patents, the US will spend the most ($1.1 billion), followed by Western Europe ($674 million) and China ($319 million). Patents are important for protecting intellectual property in this burgeoning sector, especially for ambitious companies participating in a global economy. China banned cryptocurrency exhanges and initial coin offerings (ICOs) in 2017. However, following a 2014 Supreme Court decision, it is US law that poses the strictest scrutiny to patent requests which apply an abstract idea via computing, such as the distributed ledger.

 

Source link

China holds the highest number of blockchain patents · TechNode
TechNodehttp://technode.com/
TechNode is one of the leading media sources on China's technology and startup scene. Their coverage spans the entire spectrum, from local Chinese startups to BAT (Baidu, Alibaba, Tencent) tech giants. They also report on a wide range of topics, such as gadgets, e-commerce, edtech, virtual reality, market trends, and more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Top 7 Porn Sites That Accept Bitcoin/Crypto

Bitcoin and other cryptocurrencies are not that exotic anymore. Ever since the big boom on the crypto...

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...
- Advertisement -

Will New Zealand’s crypto salary project work?

Now in 2020, Bitcoin, and in a broader sense cryptocurrencies in general, have gone through hundreds of...

Is Tron’s decentralized app market really a “Las Vegas on the blockchain?”

The original idea behind creating cryptocurrencies was to offer a much more decentralized and convenient payment platform...

Must read

Top 7 Porn Sites That Accept Bitcoin/Crypto

Bitcoin and other cryptocurrencies are not that...

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business,...
- Advertisement -China holds the highest number of blockchain patents · TechNodeChina holds the highest number of blockchain patents · TechNode

You might also likeRELATED
Recommended to you