Blockchain
China’s Ministry of Business and Info Know-how (MIIT) claimed on Tuesday in a information convention that the nation accounted for greater than 84 % of the world’s blockchain patent purposes, regardless of the nation’s ban on cryptocurrencies.
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- Nevertheless, the MIIT didn’t cite its supply for the info on international blockchain patent purposes.
- Wang Jianwei, deputy director of the IT Growth Division of MIIT, added that blockchain is now quickly integrating with financial and authorities affairs.
- China has banned cryptocurrencies, however its know-how supply, blockchain, is utilized by firms and the federal government. The China Academy of Info and Communications Know-how, a tutorial backed by MIIT, stated in July that China has greater than 1,300 blockchain firms as of March this yr.
- In 2021, China ranked first globally within the variety of blockchain patent filings with about 33,000 purposes, taking over 63.2% of the worldwide utility, adopted by the U.S., and South Korea, in response to a report by patent suppose tank PatSnap in February.
- Nevertheless, PatSnap identified that the standard of blockchain patents in China could also be missing, as solely 10.5% of the patents are cited greater than 11 instances, in contrast with the U.S. at 21.5%. Additionally, solely 0.1% of Chinese language blockchain patents are cited greater than 100 instances, in comparison with 1.3% within the U.S.
- The price of submitting a patent in China is near zero, however the upside to holding a patent, and even simply submitting a patent, is relatively massive, as it might probably add to an organization’s profile. John Eastwood, a Taipei-based patent lawyer and a senior companion at Eiger Regulation’s Better China observe instructed Forkast. And most of the purposes submitted don’t look like superior or modern, however firms nonetheless wish to submit them to create an modern look.
See associated article: Who is basically main the worldwide blockchain patent race?