Blockchain
China’s Ministry of Business and Info Know-how (MIIT) claimed on Tuesday in a information convention that the nation accounted for greater than 84 p.c of the world’s blockchain patent functions, regardless of the nation’s ban on cryptocurrencies.
See associated article: Ant Group and Tencent acquire probably the most blockchain patents in China: report
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- Nevertheless, the MIIT didn’t cite its supply for the information on world blockchain patent functions.
- Wang Jianwei, deputy director of the IT Growth Division of MIIT, added that blockchain is now quickly integrating with financial and authorities affairs.
- China has banned cryptocurrencies, however its expertise supply, blockchain, is utilized by firms and the federal government. The China Academy of Info and Communications Know-how, an educational backed by MIIT, stated in July that China has greater than 1,300 blockchain firms as of March this yr.
- In 2021, China ranked first globally within the variety of blockchain patent filings with about 33,000 functions, taking on 63.2% of the worldwide software, adopted by the U.S., and South Korea, in keeping with a report by patent suppose tank PatSnap in February.
- Nevertheless, PatSnap identified that the standard of blockchain patents in China could also be missing, as solely 10.5% of the patents are cited greater than 11 occasions, in contrast with the U.S. at 21.5%. Additionally, solely 0.1% of Chinese language blockchain patents are cited greater than 100 occasions, in comparison with 1.3% within the U.S.
- The price of submitting a patent in China is near zero, however the upside to holding a patent, and even simply submitting a patent, is relatively giant, as it might add to an organization’s profile. John Eastwood, a Taipei-based patent lawyer and a senior companion at Eiger Legislation’s Larger China observe informed Forkast. And lots of the functions submitted don’t seem like superior or modern, however firms nonetheless wish to submit them to create an modern look.
See associated article: Who is admittedly main the worldwide blockchain patent race?
