China accounts for 84% of all blockchain patent applications, but there is a caveat

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China accounts for 84% of all blockchain applications filed worldwide, according to the latest data shared by the country’s government official.

China has avoided the cryptocurrency market. However, the Beijing government supports the underlying blockchain technology. The country has actively promoted the use of blockchain technology over the years, which is why the high percentage of blockchain patents is not surprising.

President Xi Jinping has also played a key role in promoting the nascent blockchain technology. In 2019, the president called on citizens, tech companies and ecosystem stakeholders to actively engage and innovate with the nascent technology as it would play a key role in the future of the next industrial revolution.

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As TBEN previously reported, Chinese companies had filed 4,435 blockchain patents within a year of the industry’s approval by President Xi Jinping. According to another study, from 2015 to June 2021, China accounted for about 60% of global blockchain patent applications, followed by the US and South Korea.

The figure was released Tuesday by Wang Jianwei, deputy director of the Ministry of Industry and Information Technology. However, the figures do not include a time frame in which these patent applications were filed.

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While China accounts for the largest number of blockchain patent applications, its approval rate is significantly low, with only 19% of total applications filed being approved, South China Morning Post reported.

Another important thing to note is that China is not very big on decentralization, the same principle on which blockchain technology is based. This was evidenced by the country’s digital yuan development, where the central bank developed the digital national currency on the composite version of a blockchain with full control over its operation instead of using the traditional distributed network approach.

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