More than half of the blockchain patents granted to Chinese companies

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According to the report of the media company Thomson Reuters, Chinese companies received 56% of the blockchain patents issued in 2017. The share of American firms account for only 22%.

In 2017, was granted 406 patents blockchain system (vs 134 in 2016), 43 of them received the Chinese company Alibaba. Also among the leaders in number of patents were two other Chinese companies: Tencent and Baidu. First place was taken by the people’s Bank of China, which together with its subsidiaries received 68 patents! At the same time, Bank of America can boast of only 33 patents.

According to experts on the protection of intellectual property John Eastwood, Chinese enterprises want to seize the lion’s share in the blockchain industry. He stated the following:

“Blockchain technology can bring great profit to Chinese companies. The ownership of patents helps the company to create a reliable image of the enterprise attracts investors and shareholders”.

Last week the municipal authorities of the city of Wuhan (China) signed a partnership agreement with subsidiaries of Alibaba Ant Financial and Alipay, with the aim of developing a blockchain system to track the supply chain of rice. Alibaba is working on similar projects in Australia and New Zealand. In addition, the firm creates a blockchain platform for storing medical data of Chinese citizens.

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