blockchain technology cryptocurrency

China reported the highest number of patent filings for Blockchain technology to the World Intellectual Property Organization (WIPO). This is according to a report by the Financial Times.

According to data collected by Thomson Reuters from the international patent body indicate that more than half of the 406 patents that were submitted in 2017 came from China. The country submitted a total of 225 Blockchain patents. It was followed by the United States which filed 91 patents and then Australia which flied 13 patents.

Patent filings for Blockchain technology tripped in 2017. According to Alex Batteson, who is an editor at Thomson Reuters, making companies are moving very fast so as to protect their new ideas in the areas that are developing technologically even before the technology is unveiled on the market.

China had six companies in the nine top filers for Blockchain patents between 2012 and 2017. They were led by Beijing Technology Development. Although not all patents lead to something workable, the data filed is very important as it shows the activity in a certain field of the industry and can create barrier protection for entry.

Batteson noted that patents are very crucial tools for companies that are keen on attracting investments. Patents on specific technologies indicate to investors that a business is the rightful owner and can capitalize on an intellectual property without any interference from other parties that may claim ownership.

The government of China has officially taken interest in the development of blockchain technology in the country. The Investment Association of China, which is backed by the government, has established the Blockchain Development Center. The country’s Ministry of Industry and Information Technology on March 23 released a list of objectives aimed at encouraging the development as well as standardization of blockchain technology in the country. These objectives will also entail working to set up standards in the international market.

China has been a leading player in cryptocurrency and bitcoin applications, where the some of the top filers in the last five years have come from the United States and several European countries. These include Gemalto from Netherlands which filed 35, IBM which filed 54, Intel (34), Amazon Technologies (27) and Thomson Licensing (31)

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