According to data from the World Intellectual Patent Organization, 2017 saw around 400 blockchain related companies filing a patent application. China ranks first with nearly 200 patent applications filed for blockchain related technologies whereas the US holds a distant second position with only 91 applications.
However, it should be noted that not all applications will get approved, and the ones that do, won’t necessarily materialize into what was envisioned. Regardless, patents are attractive and do help to determine which market is prospering in which endeavors. “They are a tool that can shut out competitors and provide first movers an advantage. Many of the largest companies in the tech world make the majority of their income from licensing patented technology,” as stated by Alex Batteson, editor of Thomson Reuters’ Practical Law.
However, it is worth noting that the Chinese government isn’t fond of decentralized currencies. China has had its fair share of crackdowns on ICOs, crypto mining, and digital currency trading. But even though the country has a bad impression towards cryptocurrencies, they are rather fond of the technology underlying them – viz a viz, blockchains. In fact, the Chinese government has even shown interest in creating their own blockchain powered digital currency.
Now let’s address all the development the country has seen involving blockchains. For starters, a Chinese mobile phone manufacturer is on the verge of launching a blockchain based mobile phone. In a related topic, the recently launched Lenovo S5 already features a blockchain based payment pace.
Similarly, the country is also home to NEO – the popular altcoin often referred to as the Ethereum of China. NEO along with its blockchain platform is designed to help build a scalable network of decentralized applications. Tron is also a relevant mention in this current discussion. It is a blockchain based decentralized content entertainment protocol aiming to create a global free content entertainment system.