China noticed a fivefold enhance in blockchain patents last 12 months regardless of the Covid-19 shutdown. Ant group and Tencent acquire the blockchain patents from China, a report from analysis media IPR.
China is sparing no efforts to speed up its blockchain improvement, with a rising variety of patents related to the rising technology.
Wang Jianwei, a deputy head of the information technology development division at China’s Ministry of Industry and Information Technology, said on Monday at a forum that China currently has over 1,400 blockchain companies and more than 40 industrial parks, local media Securities Times reported.
Wang mentioned the country has seen blockchain being applied to areas including supply chain management and smart manufacturing.
A recent report by intellectual property research media IPR Daily showed that Alibaba fintech affiliate Ant Group has obtained 631 blockchain-related patents in the course of the period between the beginning of this year and Aug. 31.
Ant Group appeared to have acquired the most blockchain patents in the course of the interval, adopted by Tencent with 307 patents, and blockchain firm 33.cn with 86, according to the report.
In 2020, whereas a lot of the world was shut down from the Covid-19 pandemic, China saw a fivefold enhance in blockchain patents granted in comparison with 2019, the report prompt.
China has seen a rise in blockchain-related patent applications over the past few years. In 2019, Chinese President Xi Jinping emphasized the event of blockchain technology, calling for extra analysis, funding and regulation. More than 35,000 companies answered Xi’s call, expanding their business into blockchain by registering firm names and major companies utilizing the term “blockchain.” Corporations not only wanted to obtain blockchain bragging rights but additionally to file more patents related to the technology.
“This ties in very well with new-technology firms within the blockchain sector,” John Eastwood, a Taipei-based patent lawyer who’s a senior partner at Eiger Law’s Higher China practice, previously told Forkast.News. “As a result of lots of them struggle to distinguish themselves from different blockchain firms and want to display something to support their worth to investors.”
The price of filing a patent in China is close to zero, but the upside to holding a patent, and even simply filing a patent, is relatively giant, as it can add to a company’s profile. Many purposes don’t appear to be advanced or innovative, but firms still wish to file them to create the appearance of being innovative, Eastwood said.
Source: Forkast News