China Accounts For 84% Of The World’s Blockchain Patent Applications

Despite the country’s cryptocurrency ban, China’s Ministry of Industry and Information Technology (MIIT) claimed in a news conference on Tuesday that the country accounted for more than 84 percent of the world’s blockchain patent applications.

According to Wang Jianwei, deputy director of MIIT’s IT Development Department, blockchain is now rapidly integrating with economic and government affairs. The MIIT did not, however, cite its source for the data on global blockchain patent applications.

Although cryptocurrencies have been banned in China, their technology source, blockchain, is used by businesses and the government. According to the China Academy of Information and Communications Technology, an academic supported by MIIT, China had more than 1,300 blockchain companies as of March of this year.

According to a February report by patent think tank PatSnap, China ranked first globally in the number of blockchain patent filings in 2021, with approximately 33,000 applications, accounting for 63.2% of the global application, followed by the United States and South Korea.

The cost of filing a patent in China is close to zero, but the benefit of holding a patent, or even simply filing a patent, is substantial, as it can raise a company’s profile. And, while many of the applications submitted do not appear to be advanced or innovative, businesses still want to submit them in order to create an innovative appearance.

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