Recent data released by the Chinese media shows that companies in China have applied for more than half of all global blockchain patents.

Chinese companies applied for 4,435 blockchain patents after Chinese President Xi Jinping endorsed the industry, according to a report titled Blockchain Industry Development 2020. The study was carried out by Tsinghua University, Peking University and China Telecommunications Institute.

During a committee meeting in October 2019, President Xi urged the country to accelerate the adoption of blockchain technology as a foundation for innovation.

Tech giant Alibaba Group has applied for the majority of blockchain patents in 2020, with as many as 200 patents, according to a study. That’s 10 times more than IBM in the same period.

Large multinational companies have also shown great interest in registering blockchain patents in China. Cointelegraph reported on a study that found 35 multinational companies including Microsoft, Walmart, Mastercard, Sony and Intel have filed a total of 212 blockchain patents as of March 2020.

In 2018, the World Intellectual Property Organization (WIPO) reported that the majority of patent applications for Blockchain technology came from China.

International Patent Organization data compiled by Thomson Reuters also showed that more than half of the 406 patents filed in 2017 came from China. The country ranked first with 225 blockchain patents, followed by the US at 91 and Australia at 13.

Source: CoinTelegraph