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China accounts for 84% of all blockchain patent purposes, however there is a catch - Bol Crypto

China accounts for 84% of all blockchain patent purposes, however there is a catch


China accounts for 84% of all blockchain purposes filed worldwide, based on the newest information shared by the nation’s authorities official.

China has steered away from the cryptocurrency market. Nonetheless, the Beijing authorities has been supportive of the underlying blockchain expertise. The nation has actively promoted using blockchain tech over time, and thus the excessive proportion of blockchain patents isn’t stunning.

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President Xi Jinping has additionally performed a key function in selling the nascent blockchain expertise. In 2019, the president known as upon residents, tech firms and stakeholders of the ecosystem to actively take part and innovate with the nascent tech as it will play a key function in the way forward for the subsequent industrial revolution.

As Cointelegraph reported earlier, Chinese language firms had filed 4,435 blockchain patents inside one yr of President Xi Jinping’s endorsement of the business. In line with one other research, China accounted for roughly 60% of the world’s blockchain patent purposes from 2015 to June 2021, adopted by america and South Korea.

The determine was launched on Tuesday by Wang Jianwei, deputy director of the Ministry of Business and Data Expertise. Nonetheless, the figures didn’t embrace a timeframe by which these patent purposes have been filed.

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Whereas China accounts for the very best variety of blockchain patent purposes, the approval fee is considerably low, with solely 19% of the whole filed purposes getting accredited, reported South China Morning Submit.

One other essential factor to notice right here is that China is just not very massive on decentralization, which is the precept on which blockchain tech is predicated. This was evident from the nation’s digital yuan growth, the place the central financial institution developed the digital nationwide foreign money on the curated model of a blockchain with full management over its functioning reasonably than utilizing the standard distributed community strategy.