China has outpaced other countries including the United States in blockchain technology measured by patent applications.
On Nov. 20 Japanese newspaper Nikkei reported that Chinese companies submitted around 7,600 applications between 2009 and 2018 — about three times as many as U.S.-based companies.
According to a Tokyo-based research firm Astamuse: U.S., China, Japan, South Korea, and Germany together submitted around 12,000 blockchain-related patent applications through 2018.
With China accounting for over 60% of the five-country total. South Korea submitted close to 1,150 applications, while Japan submitted fewer than 380 applications.
With 512 applications, Chinese retail giant Alibaba Group Holding took the lead amongst the ranking of corporate applicants compiled by Japan’s NGB based on data from Innography. United Kingdom-based nChain with filed 468 applications, with technology giant IBM with 248.
China On Blockchain Adoption
In October, China’s President, Xi Jinping called for the country to accelerate its adoption of blockchain technologies as a core for innovation. Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries.
Edith Cheung, a local blockchain investor said that China will “definitely” deploy its new digital currency within the next six months to a year. Cheung said that foreign powers should already be prepared to respond, as China looks to become the first country worldwide to issue a digital incarnation of its national currency. She added:
“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD.”
Source: Nikkei | Cointelegraph