Recent figures published by Chinese media outlets show that companies in China have filed for over half of all global blockchain patents.
According to a report titled “2020 Blockchain Industry Development”, Chinese companies have applied for 4,435 blockchain patents following Chinese president Xi Jinping’s endorsement of the industry. The study was jointly compiled by Tsinghua University, Peking University, and China Institute of Communications.
According to the study, tech giant Alibaba Group had applied for the highest number of blockchain patents in 2020 at a whopping 200 patents. That is 10x more than the number filed by IBM during the same period.
Major multinational companies have also shown immense interest in filing blockchain patents in China. As reported a study that suggested 35 multinationals including Microsoft, Walmart, Mastercard, Sony, and Intel had applied for a total of 212 blockchain patents as of March 2020.
Data collected by Thomson Reuters from the international patent organization likewise showed that over half of the 406 patents filed in 2017 came from China. The country took the top spot with 225 Blockchain patents, followed by the US with 91, and Australia with 13.