The Chinese government’s efforts to promote blockchain technology gathered momentum in 2019 when President Xi Jinping issued a call to tech sector behemoths to establish themselves as industry leaders in emerging technology.
According to the most current numbers that were made public by an official representing China’s government, China is responsible for 84% of all blockchain applications that have been filed everywhere in the world. These statistics were made public by a representative of China’s government.
The Chinese government has chosen to stay out of the cryptocurrency sector. Despite this, the government in Beijing has shown support for the underlying blockchain technology. Since the nation has made significant efforts over the years to encourage the implementation of blockchain technology, the high rate of blockchain patents should not come as a surprise.
President Xi Jinping has also been instrumental in advancing the fledgling blockchain technology that is now being developed. The President issued a call to action in 2019 for people, tech businesses, and other players in the ecosystem to actively engage in and create with the emerging technology since it would play a significant role in developing the next industrial revolution.
As reported by Cointelegraph, after one year of President Xi Jinping’s encouragement of the blockchain sector, Chinese enterprises have already submitted 4,435 patents related to the technology. According to the findings of another study, China was responsible for almost 60 per cent of the global blockchain patent applications submitted between 2015 and June 2021. The United States of America and South Korea tied for third place. South Korea finished second.
The numbers, however, did not provide a time window in which these patent applications were submitted for consideration.
According to South China Morning Post, China has the most significant number of blockchain patent applications. Still, the acceptance rate is meagre, with just 19% of the total applications submitted being accepted. This is despite China having the highest number of blockchain patent applications.
Decentralization, the core tenet upon which blockchain technology is founded, is not a very popular concept in China. This brings us to another essential point in this context: This was made abundantly clear by how the nation’s digital yuan was developed. The country’s central bank created the digital version of the national currency on a curated version of a blockchain and exercised complete command over how it operated instead of employing the more conventional approach of using a distributed network.
